Seafield, the transport and warehousing group, is likely to issue new shares to fund future acquisitions after shareholders unanimously voted in favour of a capital re-organisation of the company yesterday. The company is also considering either selling off its transport arm or forming an alliance with another transport company, according to chairman, Mr Peter Duffy.
The capital re-organisation meant the company should be able to pay a dividend next year, said Mr Duffy.
The most profitable part of the company was its warehousing operations and "considerable emphasis" would now be placed on expanding this area, said Mr Duffy. The company says it is looking at various commercial possibilities in the Republic and has held discussions with Irish transport companies looking to break into the British market.
Its profits are likely to be slightly down at the end of the year because of a loss of rental income at the leasehold site at Peasmarsh, Guildford, in Surrey.
The company reported pre-tax profits of £421,000 for the half year to June 1997.
Mr Duffy said the company was now looking for a new occupant at the site and selling off its leasehold was another option.
The capital re-organisation has been achieved by reducing the company's share premium account by £74.7 million. Some shareholders voiced criticisms of the company at yesterday's extraordinary meeting, with one shareholder claiming the board intended to sell the whole company. This was denied by Mr Duffy.
