Rotala Directors propose share buy out
Rotala Plc has received an offer of 63.5pence per share for the company from certain of its own directors: Chief Executive, Simon Dunn; Managing Director – North West, Bob Dunn and Non-Executive Chair, John Gunn.
Rotala’s share price rose 41.67% today, as the announcement was made.
The offer comes from a newly incorporated entity established by the directors (and their spouses and certain personal pension plans). The offer is for the entire issued and to be issued share capital of Rotala which the director offerors do not already own.
The directors currently hold 37.59% of Rotala’s issued share capital.
A committee of independent directors has been formed to consider the possible offer.
The London Stock Exchange announcement indicated there can be no certainty that an offer will be made, even if all preconditions regarding the deal are satisfied. The announcement advised shareholders should take no action at this time.
A further announcement on the offer is expected to be made ‘in due course’.