Saturday 7 January 2012

Shareholders Vote for Ashok Offer

Optare says it has secured its future after shareholders supported a rescue deal by Indian firm Ashok Leyland.
Optare has 400 workers at its recently opened assembly plant at Sherburn-in-Elmet and had said it was unlikely to continue trading without a tie-up.
The Indian bus maker will own 75% of Optare shares after receiving support in a shareholders' vote.

“ This is a real vote of confidence in both Optare and Ashok”, said Jim Sumner, Optare’s CEO. “Even though the plan has involved diluting current shareholders, it is recognised that this deal is in the best interests of the business long term and secures its future within one of the world’s top five bus makers”.

David Gambles