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InterQuest – management-buyout attempted robber barons try more spin, but it currently still means little

By Steve Moore | Thursday 27 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 “Offer Declared Unconditional in All Respects” announcement - and the InterQuest independent director, David Higgins, has responded…

The attempted robber barons state valid acceptances for their 42p per share offer in respect of 19,552,500 InterQuest shares, representing 50.58% of the share capital and that “InterQuest shareholders who have not accepted the offer are urged to do so as soon as possible” as “the offer will not be extended beyond the closing date” on 8th August.

Except that shareholders who have not accepted the offer are NOT urged to do so by InterQuest’s independent director. David Higgins instead notes a still poor take-up of the offer from external InterQuest shareholders (12,546,262 of the acceptance shares being those of the attempted robber barons, mainly Gary Ashworth) and that “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”.

This is with it in particular noted that cancellation of trading of the shares on AIM would require 75% approval and “therefore, providing InterQuest shareholders holding at least 25 per cent. of the InterQuest shares do not accept the offer, and subsequently vote against any resolution seeking such a cancellation, Chisbridge will not be in a position to procure cancellation of the admission to trading on AIM of InterQuest Shares in the manner described”.

Therefore, despite the threatening Chisbridge spin, the ‘offer unconditional’ news potentially means little. Early this month David Higgins announced certain shareholders holding in aggregate 7,538,799 shares (currently 19.50%) considered that “the offer significantly undervalues InterQuest and that they support the rejection of the offer”. I continue to concur. Re. the shares I have, the attempted robber barons can continue to sod off.


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