Reylon Yes to South Africans
Relyon says Yes to South Africans BED maker Relyon accepted a 180p-a-share cash offer from Steinhoff International of South Africa, which values the Somerset firm at [pound]37.4m. The offer is 38pc above the closing price of 130 1 /2 p in March before Relyon revealed bid talks. The South Africans have irrevocable undertakings on 35pc of the shares.
Ethical Moslems A MUSLIM financial group is launching an ethical fund governed by the Koran and Shari'ah law. The Parsoli Global Islamic Equity Fund is the first UK onshore fund to offer Britain's 2.5m Moslems UK tax breaks like those available in ISAs and pension funds. It will exclude investment in gambling, alcohol, banking, life insurance and non-Halal meat as well as fixed-interest stocks, derivatives and forward currency deals.
Daniels' [pound]10.5m THE chilled foods group S Daniels, which owns the Covent Garden Soup Company, is raising [pound]10.5m to improve production of soups and juices by selling a 26.5pc stake to Singapore Food Industries and issuing another 5.5m shares at 21p. After a jump in weather-hit raw material prices, Daniels' half-year profits fell from [pound]1.5m to [pound]502,000 but it expects an improvement.
Riversoft axe SOFTWARE company Riversoft is cutting its workforce by 90 to 220 in the face of tough trading. …