IN BRIEF: Kin & Carta "unanimously" recommends increased Apax offer

Kin & Carta PLC - London-based business software consultancy - Says that Apax Partners LLP has ...

Alliance News 7 December, 2023 | 9:46PM
Email Form Facebook Twitter LinkedIn RSS

Kin & Carta PLC - London-based business software consultancy - Says that Apax Partners LLP has increased its takeover offer to 120 pence per Kin & Carta share, valuing the firm at GBP220.3 million on fully diluted basis from a previous GBP203 million. Additionally, notes that this offer gives the company an enterprise value of GBP258 million. Says it now believes the new bid is fair and reasonable, and "unanimously" recommends to shareholders that they vote in favour of the scheme at the court and general meetings. Previously scheduled meetings have now been adjourned to December 21, to allow shareholders time to consider the final offer.

Separately on Thursday, says all resolutions were passed at its Annual General Meeting. However, notes that while Resolutions 11, 13 and 14 were passed and approved by the majority of shareholders, more than 20% of the votes were cast against the board's recommendation on each. These resolutions were: to re-elect Nigel Pocklington as a director; to disapply statutory pre-emption rights; and to disapply statutory pre-emption rights in relation to the financing (or refinancing) of an acquisitions or specified capital investment. Explains that the last two reflect the updated UK Pre-Emption Group Guidelines on disapplication authorities.

Current stock price: 112.00, up 8.3% on Thursday

12-month change: down 52%

By Holly Beveridge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Kin and Carta PLC 127.81 GBX 0.00 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures