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The privatisation through a management buyout of the specialist recruitment firm Morson (MRN:LSE) is coming to a close after the company announced last Friday that the company is to delist from the stock market in August.
Following last week’s general meeting, Morson wrote to shareholders that “the proposed date of cancellation of admission to trading of the Company's Ordinary Shares on AIM is the 8th of August.”
The firm first announced plans to go private in May this year after six years on the stock market which has seen the share price tumble. Shares first started out at 160 pence but then reached a 52-week low of just 36.7 pence in December last year. It now stands at 50.00 pence.
MMGG Acquisition, the company making the offer, has received valid acceptances of an offer from Morson for 76.62% of its existing issued share capital in early July. MMGG is led by Morson’s executive management team of Gerry Mason (Chairman) and his son Ged Mason (Group Chief Executive), as well as Paul Gilmour (Group Finance Director) and Kevin Gorton (Group Managing Director).
Morson Group is a UK-based company, operating in human capital resourcing, including acting as an employment business, a recruitment agency and the provision of technical personnel for engineering management and design consultancy. The company has a market capitalisation of £22.67 million.