Character offer imminent? - ToyNews

Character offer imminent?

After a hugely successful 12 months and with high expectations for the year ahead, Character Options has revealed that it is currently in discussions with a possible suitor for the firm.
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In a statement to the Stock Exchange, after an EGM held today, the firm revealed that it had received "approaches which may or may not lead to an offer or offers being made for the Company."

It went on to stress that discussions are at a very preliminary stage and the "level and form of any eventual consideration is presently unclear."

Ian Fenn, the Company’s Senior Independent Non-Executive Director and Chairman of today's EGM said the firm was extremely optimistic about its current range: “Given the quick succession of the EGM today and the AGM next week, the Board felt it appropriate to update shareholders on trading at today’s meeting.

“As previously reported, this financial year has started strongly for the Group, with sales in the four months to December 2005 up by 60 per cent, on a like-for-like basis. Whilst this rate of increase may not continue throughout the year, we are confident that revenues in our Toys, Games and Gifts businesses, on a like-for-like basis for the financial year ending August 2006 and the calendar year ending December 2006, will both provide solid growth over the previous corresponding periods.

“Our Toys, Games and Gifts businesses have recently completed marketing at shows both in the UK and internationally and we are delighted to report that we are already experiencing a very solid start to our spring sales, with volumes at retail being very positive. This, together with the reception from the UK retail trade and our international distributors to our 2006 ranges, underpins our optimism for a solid trading performance to come."

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