ADVISERS to former
The appeal to the
Tinkler is said to have acquired a 6.5 per cent stake in
Tinkler said yesterday he is aiming to offer Eddie Stobart shareholders a funding package to vote on at the firm's general meeting on Friday.
Eddie Stobart's board has recommended an offer from fund Dbay which would provide a £55m highinterest loan to the struggling haulier in exchange for a 51 per cent stake.
Tinkler told City A.M. he hopes to get support from Eddie Stobart's lenders for a rival package which would involve a £70m to £80m equity raise backed by both existing shareholders and new investors.
"We have got a lot of shareholder support for our deal at the moment. We are working with advisers and the banks to see if we can effect that proposal to give them a secondary resolution on Friday," he said.
It is understood that some of the cash raised would be used to pay down debt to Eddie Stobart's lenders.
Last week, Eddie Stobart said: "[Dbay's] proposal is the only concrete offer to date which has the support of the lenders and secures the long-term future of the company."
(c) 2019 City A.M., source