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Morson Group

  • BY: Andrew Hore |
  • POSTED: 28/05/2012 |

Morson Group has recommended a bid from its management at less than one-third of the price at which it floated six years ago.

The 50p a share bid values the engineering staff provider at £23m. Morson believes that being unquoted will help it to set up bonus and share schemes that may not comply with Aim rules in order to attract and incentivise staff. Management is also worried that the weak share price could hamper contract renewals.

Morson joined Aim on 30 March 2006 when it raised £36m at an oversubscribed placing at 50p a share. At that time the company was valued at £72.5m. 

Morsonís underlying profit was £9.5m on revenues of £326.8m in 2006. In 2011, the underlying profit was £7.1m on revenues of £507.9m. Net debt was £33.3m at the end of 2011 compared with £22.5m at the end of 2006.

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