Release from Monday 28th May
On 25th May 2012 the terms of a recommended cash offer, with a loan note alternative, by MMGG Acquisition PLC (“MMGG”) for the entire issued and to be issued share capital of Morson Group PLC (“Morson”) were announced. The Independent Director (namely Ian Knight), who has received advice from W H Ireland Limited, considers the terms of the cash offer to be fair and reasonable.
The shareholders and directors of MMGG are the management team of Morson, namely Gerry Mason (Chairman), Ged Mason (Group Chief Executive), Paul Gilmour (Group Finance Director) and Kevin Gorton (Group Managing Director). The full announcement will go live on Monday 28th May 2012 and can be accessed at www.mmgg.co.uk subject to acceptance of the terms and conditions of the microsite.
Please note that the Offer is in respect of the shares in Morson and should not impact the trading activities of Morson and its subsidiaries including, Morson Human Resources Limited, Morson Wynnwith Limited and Morson Projects Limited. It is stated in the announcement that “The MMGG Board attaches great importance to the skills and experience of the management and employees of Morson. The MMGG Board has provided assurances to the Independent Director that, upon the Offer becoming or being declared unconditional in all respects, the existing employment rights of all employees of Morson will be fully safeguarded.
No change is expected to the current locations of the Group’s places of business.”
Client, contractor and staff contracts will continue unaffected by the offer and it is very much “business as usual.”