Premier Asset Management chairman Roger Wood and non executive director Andrew Watkins have resigned from the board following the approval of an MBO of the group.
The resignations come as Harvard Bidco, a company made up of Premier’s managers and backed by private equity firm Electra, accounced its final offer for the firm is now wholly unconditional.
Premier also issued 2,844,658 new ordinary Premier Asset Management shares of 10p each which have been allotted upon the exercise of share options.
Following the exercise of options, Mike O'Shea and Neil Macpherson, directors of Premier Asset Management, hold 1,544,703 and 375,787 ordinary shares of 10p each in the company, representing approximately 8.48% and 2.06% of the company's issued share capital respectively.
Harvard Bidco had trouble reaching the 90% of shareholder approval needed for the MBO but the level of support needed was reduced allowing the offer to be accepted with just over 70% support.IFAonline
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