Trading in the shares of recruitment company Network Group Holdings has ended today following completion of its takeover by buyout vehicle NGH Topco.
Network shareholders received 26p a share in cash or 0.26 of an A share in Lloyds Development Capital-backed NGH for each share. This valued the company at £19.6m. Network joined Aim on 17 September 2007 at 26p a share. On 4 April 2008 Network completed the reversal of Pertemps People Development Group at 35p a share.
NGH has been set up to buy Network and the Pertemps business it does not own. Network can use the Pertemps branch network for its business.
In April 2011, Network replaced Baker Tilly as auditor. Baker Tilly said that during the course of an audit of related entities its relationship with certain directors of Network became strained. “It is therefore clear that our relationship with the directors of the company has broken down irretrievably”, added Baker Tilly.
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