X-ray group in limbo will outline future this week

Mar 31 2008 by Andrew Mernin, The Journal

THE North East is in danger of losing another of its listed companies this week amid growing concern over the future of X-ray technology firm Bede.

The Journal understands the AIM-listed Durham company is preparing to make an announcement on its future this week, a month after trading in its shares was suspended.

It is believed the firm will be forced to file for administration or could be saved by a late takeover bid. The business saw its shares fall to a 52-week low of 0.64p at the end of February before trading was terminated after failed takeover bids from various parties.

The company was unavailable for comment yesterday, but a well-placed source said a crucial decision on the firm’s future would be made this week.

Meanwhile, Vinay Bedi, divisional director of Brewin Dolphin Newcastle, said the company was likely to face either administration or a takeover after the suspension of trading in its shares. He said: “We are hopeful for a positive conclusion and the company is bought out.”

Last month Bede terminated takeover talks with certain parties and requested trading in its shares be suspended while it considered strategic options and clarified its financial position .

The maker of X-ray metrology tools first announced it was in preliminary takeover talks last July.

Last month, the company received an indicative offer which was thought to be well below its market value. If the company is de-listed, it will become the latest in a string of North East businesses to disappear from stock markets.

As well as the now-nationalised Northern Rock, Newcastle United was de-listed last year when billionaire Mike Ashley completed his takeover of the football club.

Two years ago car retailer Reg Vardy saw its shares de-listed after the takeover by Pendragon, and brewer Scottish & Newcastle also looks set to be bought out.

Another recent blow to the region’s status as a hub for listed firms came last month as transport operator Go Ahead announced plans to move its executive centre from Tyneside to London.