Metal trader Wogen PLC (AIM: WGN) is recommending that shareholders accept the 41 pence a share in cash management buy-out proposal, the acquisition vehicle Sanctuary Partners Ltd announced.
The management team contemplating had initially tabled a 36p offer on June 11, but raised it to 41p a fortnight later.
The deal represents a premium of 9 percent to Wogen's closing price of 37.5 pence yesterday and a premium of 71 percent to the closing price on June 11 2009, the last business day prior to the commencement of the offer period. The offer values the current share capital of Wogen at about £18.4 million.
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.
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