Mon, 25 Jun 2012

The sale of international technical staff recruiter Morson to its management team moved a step closer after the board of MMGG Acquisition, the prospective buyers, and the independent director of Morson announced they had reached agreement on the terms of a recommended offer.

The management team looking to acquire Morson is: chairman Gerrard Godfrey Mason; group chief executive Anthony Mason; group finance director Paul John Gilmour; and group managing director Kevin Patrick Gorton.

For the deal to go through and for Morson’s shares to be cancelled on AIM, the offer needs to be declared unconditional. For this to happen, a special resolution must be passed at an Extraordinary General Meeting at which 75% of those who vote must vote in favour of the deal.

In a statement MMGG says: “As at 1pm (London time) on 22 June 2012, MMGG had received valid acceptances of the offer for 32,381,953 Morson shares, representing approximately 71.4% of the existing issued share capital of Morson.

“This includes valid acceptances for 11,172,323 Morson shares, which have accepted the cash offer and 21,209,630 Morson shares which have accepted the loan note (a form of IOU) alternative.”