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Specialist engineering business Redhall Group is raising £20m from investors to fund the £18.6m acquisition of Chieftain Group, a move which will enhance Redhall's workforce with more skilled engineers and increase its exposure to the oil and gas, power generation and maritime markets. Meanwhile, Redhall also said it expects profits for the financial year to 30 September to beat expectations.
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Redhall shares slipped a little on the placing news and are now back to the level at which we recommended them (Buy, 248p, 19 October 2007). The acquisition seems a good fit and Redhall remains a buy at 250p.
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
