News blog
DM
- BY: Andrew Hore |
- POSTED: 08/01/2009 |
DM has appointed Hugh Villiers as non-executive vice chairman of its recent acquisition Data Locator Group.
Villiers is one of the initial people involved in the consumer lifestyle data sector. DM hopes that this experience will help to improve DLG’s performance. Villiers will act as a consultant and will be paid on the basis of the performance of DLG in the years up until December 2011. This payment will be in cash or options.
Villiers is also acquiring 15.3m shares in DM at 9.81p each from chairman David Williams. The cost is £1.5m and the stake is 10.5% of DM’s share capital. The current share price is 10.75p, which values the customer recruitment and database management company at £15.6m.
This reduces Williams’ stake in DM to 70.3%. He has been granted power of attorney over the Villiers stake so that he can vote with the shares at shareholder meetings. That means that Williams retains voting control of more than 75%, which enables him to retain full control of the business. For example if he wanted to cancel DM’s Aim quotation he could do so because he controls more than 75% of the votes.
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