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Fuse 8
- BY: Andrew Hore |
- POSTED: 15/01/2012 |
Mark Walton and Andy Hutchison intend to buy the Fuse 8 digital marketing business from the eponymous company which recently left AIM.
Walton was chairman of the holding company and took on the role of chief executive when the previous incumbent Nigel Hunter left last October. Walton was a founder of the Fuse 8 business but he had become non-executive chairman in April 2011 in order to focus on strategy.
Hutchinson was the other founder of the business and he focuses on key client relationships.
Fuse8 reversed into former Aim company and Plus-quoted shell Award International and the enlarged group rejoined Aim in July 2010. Award issued 10.215m shares for a notional valuation of £5m – equivalent to just over 49p a share. The share price was less than 10% of that level just before the quotation was cancelled on 12 November.
No price was mentioned in the article that revealed the buy out but it is uncertain whether there will be much left for shareholders in the shell. Walton and Hutchinson currently own 51.4% of Fuse 8 plc between them and Nigel Hunter owns a further 13.5% and trustees of the Fuse 8 SIBA 16.2%.
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