viewPremier Technical Services Group

Premier Technical climbs after £265mln recommended bid from Macquarie

It's not quite a classic management buy-out, but senior management will be heavily invested in the newly-formed Macquarie subsidiary that looks set to take over the company

Building the scaffolding for future growth: Macquarie intends to put in place a management incentive plan for the senior management

Australian investment group Macquarie has secured management backing for a cash offer for Premier Technical Services Group PLC (LON:PTSG), the building facade access specialist.

A Macquarie-backed newly-formed subsidiary (Bidco) is offering 210.1p in cash for each Premier share. Shares in Premier shot up 136% to 205p on the news.

READ Premier TechnicalServices scrubs up well

Paul Teasdale and Roger Teasdale, the chief executive officer and managing director of Premier respectively, have agreed to accept the offer in respect of their shareholdings and reinvest £16.3mln and £1.8mln respectively of the money they will receive in Bidco.

Certain other senior managers of Premier have agreed to invest £1.49mln in Bidco, making this a management buy-out of sorts.

The independent directors of Premier, advised by auditing firm KPMG, have unanimously recommended shareholders accept the offer.

Premier Technical Services floated on AIM in February 2015 at 52p a share. It has four divisions: Access & Safety; Electrical Services; Building Access Specialists; and Fire Solutions.


Quick facts: Premier Technical Services Group

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Market: LSE
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