RSM Tenon clears the way for quicker deal making

It will announce full details of the strategy alongside its full year results in October.

The move follows a turbulent 12 months for the company with a shock profits warning in January, as well as a number of board and management changes over recent months.

These have included the appointment of Chris Merry as CEO to replace Andy Raynor and more recently the appointment of Tim Ingram to replace Adrian Martin as chairman.

As a ‘premium' listed company RSM Tenon has had to conform to the 'super-equivalent' provisions of the listing rules.

These required it to seek prior shareholder approval before disposing of (or acquiring) certain assets. These restrictions do not apply to a company with a 'standard' listing.

The company explained in a statement that the 'premium' listing has prevented it from proceeding with several projects over recent months.

"The projects [we have in mind] have been rendered impracticable by the premium listing in terms of both time and cost. As a standard listed company, certain transactions can be completed in a shorter timescale and at lower expense," it said.

RSM Tenon announced a number of cost-cutting initiatives alongside its interim results on 29 February. These included a headcount reduction of 10%.

The management team has since conducted a full review of the business.

 

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• Regulation
• interim results
• annual results