TPN offers share deal
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Existing shareholders could spread ownership among network members
TPN (The Pallet Network) has announced that it is set to offer shares to its 70-strong network of members.
In a press release, TPN says that network members expressed a wish to be given the opportunity to purchase shares in TPN at a TPN members’ meeting in January.
Concerning the share offer to members Richard Eldred said: ‘We have recently canvassed all TPN’s members about the prospect of purchasing shares and had received a good response.
‘This idea of acquiring shares was initiated by the members and we have reacted to their wishes. The issue of shares to members has been achieved by the release of share capital by existing shareholders and not by the issue of new share capital. The proceeds from the sale therefore represents a realisation of some of the original investment by one of the founders.’
Following the announcement by TPN, a spokesman told ROADWAY: ‘An existing shareholder has expressed the wish to divest a small number of their shares for personal and financial reasons.’
We enquired as to the identity of the seller, but TPN refused to comment other than saying that the individual wished to remain anonymous.
TPN was formed in 1999 by the now chairman Richard Eldred and a former MD of the Fourtec network, Jim Scanlon. TPN told ROADWAY that there were two other shareholders in the company.
