Richard Lee, corporate partner at Addleshaw Goddard, supported by Simon Wood, corporate managing associate, and a team from the law firm’s corporate, banking, tax and share schemes departments, is advising Cheshire-based construction and property investment/development group Pochin’s on the proposed takeover of the company.
The cash offer for Pochin’s, at 45p per share (with a share alternative), is being made by Middlewich, a newly incorporated company formed for the specific purpose of enabling the Cedric Pochin Concert Party, led by James Nicholson (the property development director of Pochin’s), to make the offer. The offer, if it were to be satisfied entirely by the cash consideration, values Pochin’s at £9.4m.
As part of the deal, a portfolio of properties at Midpoint 18, Phase 1 in Middlewich, Cheshire, is to be sold by Pochin’s to the Irish-approved retirement fund of Pochin’s non-executive director and shareholder Michael Chadwick for £11.5m (subject to adjustment). This sale requires the approval of the independent shareholders of Pochin’s at an extraordinary general meeting and the offer is conditional upon, among other things, that approval being obtained.
The financial adviser to the independent directors of Pochin’s is Spark Advisory Partners. Hill Dickinson and BDO are advising Middlewich.