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29Oct92 UK: CASH BLOW FOR FORMER DAVY SHAREHOLDERS.

Former Davy Corporation shareholders will not receive a £54 million post-bid payout from Trafalgar House.When Trafalgar bought Davy last year it made an initial 50p a share payment as part of a two-stage deal.The second 45p a share installment depended on the sale of a £120 million converted Ali Baba oil rig to Midlands and Scottish Resources (MSR).Last week MSR said it would not exercise its option to purchase the rig, now known as the Emerald Producer. The statement dashes ...

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