- Board Opinion on Voluntary Bid
On 3 December, Crimsonwing plc published the opinion of the Board of Directors with respect to the Voluntary Bid launched by KPMG Investments Malta Limited. The latter is aiming to acquire all the share of Crimsonwing plc at €0.8327 per share.
The announcement noted that both Mr David Walsh (42.98%) and Mr Philip Crawford (21.03%), the two major shareholders in the Company holding a combined 64.01% stake, will be accepting the offer.
Furthermore, the Directors explained that based on the representations made in the Offer Document and the Expert’s Report (included in the Offer Document), they are of the opinion that the acquisition of control in Crimsonwing plc will be beneficial to the Company, will create greater business opportunities identified within Crimsonwing’s existing markets and increase the likelihood that the Maltese delivery centre will develop as a centre of excellence.
Overall, while the Board of Directors expresses an overall positive opinion on the effect of the implementation of the bid on Crimsonwing, no opinion is given on the price offered by KPMG Investments Malta Limited which, in the opinion of the Board of Directors, should be evaluated taking into consideration the numerous aspects of the offer and the individual circumstances of each shareholder. As such, the Board strongly recommends that each shareholder seeks independent advice and guidance from their own independent stockbrokers and/or financial consultants in order to fully assess the terms of the Offer Document and to decide whether to accept the bid or not in the light of each shareholder’s individual position.