10th Feb 2023 15:34
Bonhill Group PLC - London-based media company, specialising in business information, events and data analytics - Agrees the disposal of its UK and Asia businesses with MA Financial Media for GBP6.5 million in cash, while due diligence by a US media buyer on InvestmentNews continues.
Intends to return "substantially all of its cash" to shareholders via tender offer on completion of the acquisition. In order to do so, will need to create further distributable reserves by way of proposed capital reduction.
Following completion, Chief Executive Officer Patrick Ponsford will resign as a director and will be joining the Mark Allen Group, of which MA Financial Media is a member.
Current stock price: 7.57 pence, up 0.9% in London on Friday
12 month change: down 22%
By Holly Beveridge; Alliance News reporter
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