Source - SMW
SWP Group has recommended a premium 9p-a-share offer from Friars 716 Ltd that values it at about £18.3m.

Friars is a new company set up by Alan Walker, Colin Stott, David Pett and Martin Bell, all directors of SWP, for the purposes of making the Offer.

"I am pleased to recommend this offer to shareholders of SWP," said SWP independent director Alan Smith.

"The principal operating companies of SWP, being Fullflow and Ulva, are profitable and, in my opinion, well regarded by their peers and customers.  

"However, it is my opinion that the market capitalisation of SWP does not reflect either its financial progress or the continued efforts of my colleagues and that SWP's public quotation is no longer beneficial to its stakeholders, particularly given the very low levels of liquidity in the Company's shares.  

"The offer from Friars gives shareholders a chance to realise value from their investment at a significant premium to the recent share price, while safeguarding the existing employment rights of SWP employees."

At 9:10am: (LON:SWP) SWP Group PLC share price was +2.75p at 8.75p