FirstGroup ponders '˜all options' to boost value
FirstGroup, the Aberdeen-headquartered transport giant, is considering all options to boost its value, the firm said today.
In a statement at the company’s annual general meeting, executive chairman Wolfhart Hauser said: “The board is examining all appropriate means to mobilise the considerable value inherent in the group, and to deliver shareholder value in a sustainable way while enhancing the services we provide to our customers and communities.”
Earlier this year, First saw private equity suitor Apollo Management walk away from making a bid. Its approach – for an undisclosed amount – was rejected by First, which said it “fundamentally undervalues the company and is opportunistic in nature”.
At the end of May, chief executive Tim O’Toole resigned as it emerged that the firm had suffered a £327 million loss in the year to the end of March.
The group added yesterday that its trading performance in the first quarter had been in line with the plans outlined in May.