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InterQuest – management-buyout attempted robber barons extend offer again as still struggling on acceptances

By Steve Moore | Friday 14 July 2017

Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

The attempted robber barons of the InterQuest (ITQ) management buyout team (at Chisbridge Ltd) have made an “Update on Level of Acceptances and Offer Extension” announcement.

This notes “valid acceptances in respect of 19,109,934 InterQuest shares, representing approximately 49.61%” and that “the offer is being extended and will remain open for acceptance until the next closing date which will be 1.00 p.m. on 31 July 2017”.

Of those acceptance shares, 12,546,262 are those of the attempted robber barons of the management buyout team (mainly Gary Ashworth) – and thus those of other shareholders remain lowly.

The offer acceptance condition is more than 50%, but 75% support is required for cancellation of AIM admission – and thus, having published its offer document on 1st June, Chisbridge looks to still be struggling on all counts.

It includes in the latest update “InterQuest shareholders who have not yet accepted the offer are urged to do so” - but of course this is only by Chisbridge, with the InterQuest independent director “who has been so advised by Panmure Gordon, recommends that InterQuest shareholders do not accept the offer and take no action on the basis that it materially undervalues the company”.

I certainly concur, continuing to consider the 42p per share offer on the table that of robber barons - and continuing to ignore it.

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