I'm not a holder nut have just noticed this morning's RNS of a proposed MBO ....http://www.investegate.co.uk/Article.aspx?id=201205250900040...I never liked MRN because of the large Director shareholdings but I never thought they would be able to count these towards an MBO as they appear to be doing ? Aren't they required to abstain in such a situation and to try and get 75% approval from those shares outside their control ? There's so much damn confusion with AIM and it badly needs addressing IMO.
Terrible day for Morson Holders and certainly not in the interests of private shareholders. Held these for sometime at a much higher price and did sell for a profit but those still holding must be angry this morning. Sorry for the overlap Des.
Hi bb,They have to follow the Takeover Code and I was certainly under the impression that they couldn't count their votes under such a situation. If I were you or any other MRN shareholder I'd be calling the NOMAD to find out why this is not happening. Des
>They have to follow the Takeover Code and I was certainly under the impression that they couldn't count their votes under such a situation.This is an old-fashioned offer, not a scheme of arrangement. There's no voting.They reserve the right to change to a scheme of arrangement though: MMGG may, with the agreement of the Independent Director and the Panel, elect to implement the acquisition by way of a court sanctioned scheme of arrangement under Part 26 of the Companies Act. Any such scheme of arrangement will be implemented on the same terms (subject to appropriate amendments), so far as applicable, as those which would apply to the Offer. MrC
A shareholder speaks out. http://menmedia.co.uk/manchestereveningnews/news/business/s/...First Lees, now Morson where next ? Institutional shareholders need to stand up against it too.KM
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