COSMETIC firm Peter Black has announced an agreement that will result in the privatisation of the Trowbridge company and boost the price of shares.
To facilitate a management-buy out, directors including Gordon Black formed Beltpacker, a recently incorporated company established specifically for the buy out.
A spokesman said the main reason for this change was a feeling that the company has not been fully appreciated on the stockmarket.
Since negotiations began in July, shares have risen from 270p per share to 310p.
Company shareholders will be entitled to an interim dividend of 230p per share, which will be paid at close of business today.
The deal is conditional on the passing by Independent Shareholders at an extraordinary general meeting.
A spokesman said that the deal should not affect the normal running of the company at ground level in any way.
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