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Andrew Sykes sets out £25m share buy-back offer

Plant hirer Andrew Sykes has set out proposals to buy back shares in an offer worth £25 million.
Trading during the first half of the year was difficult across the UK and Andrew Sykes expects to report sales and profits 'significantly' down on the comparable period of 2004.

Under a deal, which must be approved by shareholders, some creditors and the High Court, Andrew Sykes has agreed a facility so that shareholders can sell their ordinary shares to Brewin Dolphin for 177.5p each.

New loan facilities have been agreed by the company with the Royal Bank of Scotland so that it can buy the shares back, increasing its debts to £30 million replacing its existing loan facility of £11 million