Mobile content provide MonsterMob isn't a happy bunny today, with news that the company's share price has dropped sharply on news that the company may delist from the stock market.
Martin Higginson, who recently rejoined the company after being sacked last year sold four million shares to LaNetro Zed at 50p per share, which represented a 63% premium to the closing price on the day. Zed now holds 66% of the company and is closing on the 75% needed to force the company into private ownership. The move has reportedly angered other shareholders who had been persuaded to reject an offer from China's Linktone valued at 65p per share.The shares closed yesterday at just over 25p per share.
Via SMS Text news.
June 20th, 2007 at 7:28 am
Mr Higginson denied that smaller shareholders were being railroaded and encouraged any sellers to negotiate a price with Zed’s representatives directly rather than using the open market. Most were ignoring that advice, or had failed to notice it in the small print of a shareholder circular sent out on Monday.