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Kin & Carta PLC - London-based business software consultancy - Says that Apax Partners LLP has increased its takeover offer to 120 pence per Kin & Carta share, valuing the firm at £220.3 million on fully diluted basis from a previous £203 million. Additionally, notes that this offer gives the company an enterprise value of £258 million. Says it now believes the new bid is fair and reasonable, and ‘unanimously’ recommends to shareholders that they vote in favour of the scheme at the court and general meetings. Previously scheduled meetings have now been adjourned to December 21, to allow shareholders time to consider the final offer. Separately on Thursday, says all resolutions were passed at its Annual General Meeting. However, notes that while Resolutions 11, 13 and 14 were passed and approved by the majority of shareholders, more than 20% of the votes were cast against the board’s recommendation on each. These resolutions were: to re-elect Nigel Pocklington as a director; to disapply statutory pre-emption rights; and to disapply statutory pre-emption rights in relation to the financing (or refinancing) of an acquisitions or specified capital investment. Explains that the last two reflect the updated UK Pre-Emption Group Guidelines on disapplication authorities. Current stock price: 112.00, up 8.3% on Thursday 12-month change: down 52% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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