News blog
TMN Group
- BY: Andrew Hore |
- POSTED: 18/02/2009 |
TMN Group is in talks about a possible reverse takeover.
Shares in the online marketing services provider were suspended at 4.875p each, up 1.25p on the day, which values TMN at £3.73m. In 2007, management tabled a 70p a share bid for the company but a deal was not agreed.
The latest discussions are at a very early stage.
On 13 February 2009, James Morris added 600,000 TMN shares to his holding, taking his stake to 3.28%. Morris was appointed as a TMN director on 15 November 2005 after online direct marketing agency EDR was acquired. He resigned the following year and had reduced his stake in TMN.
TMN has already warned that second half trading has been hit by the weak advertising market. The display advertising market is particularly bad. Full year profits will be half what was originally expected.
Management has cut £300,000 from staff costs, which is the equivalent to £1.15m in a full year.
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