Mintgate considering possible bid for Luminar

Mintgate considering possible bid for Luminar

	Published : Sun, 19 Mar 2006 20:05 By : Andrew Stead Print this Story

LONDON - Iranian property tycoons Robert Tchenguiz and Vincent Tchenguiz have built up a 6 percent stake in nightclub group Luminar in partnership with Nick Leslau and are considering a takeover approach for the group. Their property investment vehicle is called Mintgate and is led by Mr Leslau's company Prestbury. It also has Tom Hunter as its backer.

Mintgate Investments Ltd. was listed in London in 1996 and has a market value of close to 30 million pounds. The company confirmed that it is interested in tabling an approach for Luminar. "Mintgate Investments ... confirms that it is contemplating making an approach to Luminar, although no final decision has been made," it said in a statement.

The company is said to be considering a bid in the region of 650 pence and 700 pence. West Coast Capital and Investec Trust (Guernsey) Ltd are also a part of Mintgate as trustees of the Tchenguiz Family Trust. Analysts feel that Luminar is a particularly attractive takeover proposition to private investors.

"There is a lot of business and balance sheet restructuring to be done that would benefit from being away from the public eye but, once complete, the price is a compact, good quality, highly cash generative company," said Nigel Parson of Williams de Broë. Parson was of the opinion that Mintgate might have to go as high as 780 pence a share if it is serious about the takeover. But Luminar confirmed that it had not received any approach from Mintgate.

In a statement, Britain's biggest nightclub operator said that it had noted the announcement from Mintgate Investments Ltd. "Luminar has had no discussions with Mintgate. Should details of any offer be forthcoming, the company will make a further announcement," it said in a statement. Luminar shares jumped 49 pence to 619 pence in the backdrop of these speculations.