GPG takes more Time

Late last month GPG made an offer to buy around half a million shares in Time Products at £1.50 to take its stake to just under 30%.

However Time Products independent directors advised shareholders not to take any action, and GPG was unable to elicit shares totaling more than 1% of the voting rights, making the offer void.

Since then GPG has continued to buy into Time Products and has raised its holding from 18.1% to 19.1%.

At the time of the tender offer Time Products' board said it was reviewing its strategic options, including a possible management buyout at more than£1.50 per share.

Shares in Time Products, which distributes and retails luxury branded watches and manufactures, distributes and retails handbags, have recently been trading in a range between £1.65 and £1.70.

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