Initial approach for TMN Group plc (formally The Mutul.net)

marvin

Official MoneySavingExpert.com Insert

Although nothing is definite at the moment this is worth watching if you have shares in the TMN group. The company issued this press release on 14 March 2008 saying that talks are in an early stage. You should never speculate on shares though, as past performance is not an indication of future performance.


Thanks to marvin for the heads up
____________________________________

I am sure there are still many moneysavers out there with shares in this outfit which used to be given away by the company in exchange for...well lots of things. I got mine for accessing the internet through them when they were an ISP. (They used to be The Mutual.net and run the Mutual Points website)

Well there has been a initial approach for the company (Indication that another company would like to take them over).

The initial offer is of around 50p per share (considerably below the 94p they traded at about a year ago but above the 36p they were trading at earlier this year.)

http://www.hemscott.com/news/latest-news/item.do?newsId=61518964341507

However news of this offer has flushed out others interested in making a bid so there may be a bidding war. If there is a bidding war then you can wave bye bye to TMN Group but hello to a nice profit.

:beer:

TMN currently at 55.5p which is already above the offer price, Tangent Communications who are making the offer may have noticed that currently TMN are a bit cheap in the share price stakes and chanced their arm.

marvin

Just an update to this

see release by company to stock market

19 May 2008

Offer Update

The independent non-executive directors of TMN Group plc ("TMN" or the
"Company") confirm that talks regarding an offer for the Company are ongoing and
that they have received an indicative cash offer of 70 pence per share from
funds advised by August Equity LLP ("August Equity") working together with the
executive directors of the Company, Mark Smith and Craig Dixon.

The independent non-executive directors are working constructively with August
Equity, however the indicative offer remains subject to satisfactory due
diligence and therefore there remains no certainty that a formal offer will be
made nor as to the terms on which any offer might be made. Further
announcements will be made in due course, as appropriate.

This announcement has been made without the consent of August Equity.

Rabiddog_2

Sorted mate ..I have a few shares in this group from Donkeys years ago.. I thought they were as valuable as beach sand... seems not!
There is talk they could rise to £12,300 each.. only when I'm drunk tho..:beer:

marvin

Well its all over the crdit crunch has brought another casualty see the official announcement below.

17 July 2008

TMN Group PLC

Termination of Offer Process and Trading Update

On 19 May 2008, the independent non-executive directors of TMN Group plc ("TMN"
or the "Company") announced that it had received an indicative cash offer of 70p
per share from funds advised by August Equity LLP ("August Equity"). However,
despite the Company continuing to perform in line with its management's
expectations, August Equity have been unable to secure sufficient third party debt financing to support an offer acceptable to the Board. Accordingly the
independent non-executive directors have terminated the discussions with August
Equity with immediate effect.

The Company confirms that current trading is in line with the Board's
expectations and guidance given in its trading statement on 25 April 2008. The
executive directors, Mark Smith and Craig Dixon, along with the non-executive
directors look forward to the continued running of the Company as a listed PLC
with confidence. The Company expects to release its results for the financial
year ended 30 April 2008 in the week commencing 1 September 2008.

Peter Harkness, Chairman of TMN Group plc commented,

"Whilst we understand that difficult debt market conditions has resulted in
August Equity being unable to deliver an acceptable offer to the Board, the
Board is united in its confidence in TMN's future as a listed Company. TMN is a
leader in the field of online direct marketing and we continue to look forward
to achieving our strategic goals and creating value for shareholders."

Regarding trading, Mark Smith, CEO of TMN Group plc, commented,

"In our first few months, the Group has shown strong resilience, trading is in
line with management expectations, and we hold a cautious optimism with regards
the remainder of the financial year".