Shares in metal trader Wogen PLC (AIM: WGN) rose in early trade after it announced that the management team contemplating a bid for the group has increased its offer to 41 pence a share from the 36p initially tabled on June 11.
The stock rose more than 21 percent and was trading just shy of 39 pence by midmorning.
The independent committee, led by chairman Michael Hutchinson, is supportive of the new offer, and currently plans to recommend an offer if it was made at the higher level, in the absence of a higher offer.
The approach was made by the executive directors of the company and co-founder Colin Williams in respect of the issued share capital of the company not currently owned by the management team, certain other employees and connected persons. The team is being led by Damian Brousse and it controls approximately 61 percent of Wogen’s capital.http://www.proactiveinvestors.co.uk
No comments:
Post a Comment