The lack of financial information provided to shareholders under Montu’s share buy-back offer, and the effect it had on control of the company, was “unacceptable”, the Takeovers Panel has ruled.
The watchdog said investors were unable to make informed decisions on whether to accept the offer, while Montu did not reveal that MG Invest – its majority 83.7% shareholder with links to MD Christopher Strauch – could potentially increase its shareholding to 90% after six months and compulsorily acquire all remaining shares.
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