Charles Taylor (CTR) has risked disappointing investors by scrapping its plans to acquire an international life insurer. The insurance services group had highlighted the opportunity as a reason for its rights issue, which should raise about £28.8m in net proceeds.
IC TIP:
Buy
at
221p
The group walked away because a deal would have required shareholder approval and additional financing. It's now considering several alternative deals in the £5m to £10m price range. These could include an acquisition, joint venture or business investment.
Broker Peel Hunt expects EPS of 23.1p this year, up from 21.8p in 2014.
