InterQuest independent director Higgins opposes Chisbridge bid

Chisbridge’s bid to delist technology recruiter InterQuest from AIM is facing opposition from one of its independent directors.

In a statement, released yesterday, independent director David Higgins, who is being advised by investment bankers Panmure Gordon, announced he is continuing to oppose the bid from Chisbridge, a company set up by InterQuest chairman Gary Ashworth, CEO Chris Eldridge and chief financial officer David Bygrave, made back in May and valuing firm at 42p per share. 

Higgins also noted that despite the fact that more than 50% of shareholders now back Chisbridge’s bid, the number required for the management buyout to go ahead, 75% of shareholders would need to green light Chisbridge’s plan to delist InterQuest from AIM. Higgins is urging shareholders not to back this proposal.

Commenting on this latest development, Ashworth told Recruiter: “We have succeeded in taking back control of InterQuest, have declared our offer unconditional in all respects and are considering next steps. InterQuest will now be a subsidiary of Chisbridge.

“The offer has been held open until the 8 August for shareholders who have not yet accepted the offer to make up their mind.

“As mentioned in the offer document, the management of Chisbridge believes that the company would be best served by not being quoted on the stock market and we still continue to work towards that aim.”

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