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Personal Group shareholders approve acquisition of Innecto

The news comes after Personal Group announced the appointment of Deborah Frost as its new chief executive

Innecto has a diverse background in industry and consultancy

Personal Group Holdings PLC (LON:PGH) shareholders have approved the proposed £3mln purchase of pay and reward consultancy, Innecto, at a general meeting on Wednesday.

The company said it has also it has also applied for the issue and admission to trading on AIM of 299,237 and 31,451 shares subscribed by Deborah Frost and Justine Woolf – sellers of Innecto – respectively, at a price of £3.48 per share.

READ: Personal Group to buy Innecto and appoint its co-founder as new CEO

Frost and Wolfe had agreed to subscribe for newly issued shares in Personal Group, with Frost subscribing for just over a million quid’s worth and Woolf for £109,451 of subscription shares.

Frost, the majority shareholder and co-founder of Innecto, was earlier named as the new chief executive of Personal Group.

She will take up the role once the acquisition completes. Frost will succeed Mark Scanlon, who signalled his intention to give up the gig back in September.

Quick facts: Personal Group Holdings PLC

Price: 277 GBX

Market: AIM
Market Cap: £86.48 m

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on 24/4/20

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