News blog
DM
- BY: Andrew Hore |
- POSTED: 07/12/2011 |
Adrian Williams is buying up the minority interest in direct marketing group DM.
The 1.8p a share bid values DM at £2.94m. Williams has taken up his option to acquire 17.47m shares from Hugh Villiers at the bid price. That takes his stake to 83.8%. Even if the bid were not successful, Williams intends to cancel the Aim quotation.
DM had net cash of £284,000 at the end of June 2011.
The company’s profit has slumped this year after the OFT took action against its promotional and game card activities. This has hampered promotional activity and market conditions are difficult any way. DM is still profitable but the interim profit slumped from £2.98m to £413,000.
The court decision has been appealed and referred to the European Court of Justice.
The share price was as high as 6.12p earlier this year. Prior to the bid the share price had fallen to 1.25p. In 2009, DM raised £1.04m from a one-for-seven open offer at 5p a share.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2011_26.pdf
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