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Folkes Group.

Midland multi-millionaire Constantine Folkes paid pounds 488,368 to buy out his brother's stake in the family's Black Country engineering and property group Folkes.

The Birmingham Post inaccurately calculated that Mr Folkes paid pounds 2.06 million for the 274,762 voting shares. In fact, the payout totalled pounds 206,071.

The transfer, which also included 434,303 non-voting shares at 65p each, means Mr Folkes, his wife Angela and his son Samson, now directly control 66 per cent of the voting shares and five per cent of the non-voting.

Mr Folkes' private property company Remlane - now renamed Folkes Holdings - also holds 27 per cent of the non-voting shares.
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Copyright 2001 Gale, Cengage Learning. All rights reserved.

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Publication:The Birmingham Post (England)
Date:Oct 11, 2001
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