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InterQuest – independent director hits back as management-buyout attempted robber barons announce unconditional offer now closed

By Steve Moore | Thursday 10 August 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.

An “Offer Closed” announcement from the attempted robber barons of the InterQuest (ITQ) management buyout team (at Chisbridge Ltd) has been met by a firm response from InterQuest’s independent director…

The attempted robber barons announced their 42p per share offer closed and that as at the 1pm 8th August closing date they have “received valid acceptances from InterQuest shareholders in respect of 22,544,070 InterQuest shares, representing 58.32 per cent”.

However, InterQuest’s independent director, David Higgins, has now hit back stating;

“These acceptances include those received in respect of 16,444,266 InterQuest shares held by Gary Ashworth and Clare Ashworth together with certain InterQuest shareholders who had given an irrevocable undertaking and letters of intent in support of the offer. Therefore, the level of take-up of Chisbridge's offer from other InterQuest shareholders was 6,009,804, representing only 15.78% of the existing issued share capital of the company. InterQuest will continue to operate its business as usual and remains a public company subject to the AIM Rules for Companies.”

This follows Higgins having previously reminded that cancellation from trading on AIM requires 75% support and that he, “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”.

As I’ve reminded, I concur – and with the shares currently at 41.5p continue to hold.

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