Shares in agriculture and engineering business Carr's (CARR) jumped a tenth on news of the sale of three flour mills and a large return of capital to shareholders.
IC TIP:
Buy
at
160p
Management has agreed a £36m sale to Whitworth following an unsolicited approach by the independent flour miller. After debt repayments and working capital adjustments, it will be left with £25m, £16m of which will be returned to shareholders via a 17.5p special dividend. The remaining £9m will be used for investment in the business and potential acquisitions.
