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Offerco, the newly incorporated English company formed at the direction of Peter Hearn, the non-Executive Chairman of OPD and Graphite, which earlier this year launched an offer to acquire the entire issued and to be issued ordinary share capital of OPD has announced that it now owns almost 63% of OPDâ€™s existing issued shares capital.
OPD own a number of executive search brands; Hoggett Bowers, Odgers Berndtson, Portfolio and PSD. A number of shareholders have recently voiced concerns regarding the offer and the level of Board remuneration.
OPD shares have over the last two years collapsed by more than 90% from 480p per share to 39.5p per share on May 14th 2009, which was the last business day prior to the release of the announcement on May 15th 2009.
The offer was made on the basis of 57p per share, representing a premium of 44% to the closing price on May 14th 2009. It followed a downbeat trading update and the threat of a potentially dilutive fund raising in the form of an equity issue, which could have been material in the context of the companyâ€™s equity valuation at the time.
Peter Hearn was already the largest shareholder of OPD owning 23.6% of shares. Offerco, Peter Hearn and Graphite directly and indirectly controlled 32.1% of issued shares capital of OPD at the time of the offer. OPDâ€™s Board also includes former Secretary of State for Health and Natural Heritage, Baroness Virginia Bottomley.