Entrepreneur and major 17 per cent shareholder Richard Griffiths pulled off a coup when he installed Chris Richards as non-executive chairman of Plant Health Care in August 2012. He’d already enjoyed a distinguished career in the global agrochemical industry and was instrumental in transforming Arysta LifeScience into a global agrochemical company with one of the fastest growth rates in the industry with sales above £1billion. His appointment escaped the market’s notice, that is until yesterday.
Dealers heard that Arysta LifeScience had succumbed to an agreed £2.24billion offer from Platform Specialty Products backed by London-based private equity firm, Permira. The news prompted hopes that Richards will now weave his magic at Plant Health Care and transform it into an attractive takeover target. Buyers piled in and the close was 6.6p or 9 per cent higher at a year’s peak of 81.5p.
Richards put his money where his mouth is in April when he bought another 5,000 shares at 59p which increased his shareholding to 61,500. His buying will probably not stop there as he builds the company up into an attractive takeover target.