AVDO: Avado Brands, Inc. Message Board

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Non-Tech : AVDO: Avado Brands, Inc.

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From: Walter Morton	12/1/2000 10:44:27 AM
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This popped up on my radar a few days ago. The stock jumped on an announcement by company who is going to buy 20% of the stock: Belgo plans to buy back 20pct of its shares LONDON, Nov 28 (Reuters) - British restauranteur Belgo Group Plc said on Tuesday it planned an off-market buy-back of 19.8 percent of its share capital from U.S. restaurant group Avado Brands Inc (NasdaqSC:AVDO - news). Belgo, whose shares have slid from highs over 10 pence in March 1999 to around three pence, said the purchase of more than 203 million shares at 2.85 pence per share would cost 5.8 million pounds ($8 million). The group expected the transaction, subject to shareholder approval, to be earnings enhancing. The Belgo Group owns the restaurants of the same name as well as the Ivy and Le Caprice in London. AVDO should get some cash out of this deal. I currently have it as a short short short term buy.

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