This is because Securitas intends to distribute its 45 per cent stake to shareholders in what is effectively a demerger. Securitas said its net debt would fall to nil from SKr400m giving it a strong financial base from which to expand.
English China Clays promised the total payout to shareholders would be at least maintained at the 20p 1993 dividend after the demerger of its construction materials division this summer.
Now, following decentralisation, retrenchment and the demerger of Zeneca, ICI's bioscience offshoot which has moved to new premises, there are only 240 people based at Millbank.
A pure chemicals company since last summer's demerger from Zeneca, first-quarter figures - out on Thursday - should reflect both cost-cutting and the health of the European bulk chemicals market.
The interim dividend of 3.3p compared with a demerger payment of 3p. COMMENT When Claremont and Alexon started trading as two separate entities in July last year, Claremont closed at 163p and Alexon at 390p.
Terms of the demerger will see Racal Electronics offer its own shareholders about 57 Racal Telecom shares for every 100 shares they hold in Racal Electronics.
CHEMICALS giant ICI outperformed even yesterday's strong stock market as it unveiled its first set of results since its demerger.
The drugs group's full-year results, due on Thursday, will the first since last summer's demerger from ICI.
Plantsbrook's shares closed 9p higher on the week at 172p compared with 100p before SCI's initial expression of interest two weeks ago. On Tuesday Thorn-EMI disappointed the market by ruling out an early demerger of its music and rentals group.
Margins in the security division were already running at 10 per cent in the second half. There is a possibility that Chubb, like Vodafone before it, may emerge pretty fully valued. Since the demerger, Racal has outperformed Vodafone by 50 per cent.
This was not going to be a full demerger of RJR's food division.
Since the Chubb demerger was announced, the FT-SE mid 250 index has risen by 47 per cent while Racal and Chubb are up by 61 per cent.
He also argues that demerger motivates managers better than the threat of sale.
The ICI statement confirming a rights issue and a demerger also dominated trading in the derivatives sector, writes Joel Kibazo. In stock index futures, the March contract continued trading in a tight range of about 20 points for most of the session.
ICI is to meet the building societies operating its share/save scheme in the next few weeks to discuss terms for the 20,000 employees holding contracts if the company's proposed demerger goes ahead.
It was the first rise in sales since the demerger from Courtaulds Chemicals three years ago. Mr Taylor said: 'Last year we reported big profit increases but were bearish about the UK economy.
In the months since the plan was announced, the demerger has already gone ahead internally.
It is peculiar that RHM managed a gain of only 2 per cent yesterday after announcing a demerger designed to unlock shareholder value from its brands. If there were that much value to be unlocked, then presumably the shares would have risen much more.
However, the precise number will be calculated at the time of the demerger, which is expected to take effect Sept. 16.
The demerger from Avesco was a consequence of this requirement.
By delaying demerger until the prospects for both sides of its business are clear, ICI would leave itself open to accusations of dithering.
Linklaters and Slaughter and May were involved in the public sale of Wellcome shares and Linklaters worked all last year on the ICI demerger. This domination is likely to continue in 1993.
The main interest is likely to be in details of the Chubb demerger.
Pittencrief is reported to be building up its oil and gas assets in advance of a demerger of its two divisions.
The historic multiple of 30 is slightly more than twice that of the sector as a whole. Racal has shown with Vodafone that demerger can unlock value both at the time of announcement and on implementation.
The 90-page document assesses the value of the group in detail and concludes that the planned demerger will leave the constituent parts with a joint value of 950p a share.
With the timetable for demerger set, haggling over the valuation of Zeneca, the bio-science side of ICI, can begin in earnest.
'We are not saying we are against demerger in principle nor are we saying that the pharmaceuticals division needs to be an integrated part of ICI,' one invester said.
The FT-SE Actuaries UK Indices Committee has released a statement clarifying how the demerger of ICI and Zeneca will affect constituents of the FT-SE Actuaries Share Indices.
The outperformance is equivalent to a rise in the old-style Racal shares from 65p to 75p, which is approximately what the company's advisers suggested would be the impact of demerger.