Shareholder approval for Symonds plc management buy-out

Citation

(2000), "Shareholder approval for Symonds plc management buy-out", Circuit World, Vol. 26 No. 1. https://doi.org/10.1108/cw.2000.21726aab.008

Shareholder approval for Symonds plc management buy-out

Shareholder approval for Symonds plc management buy-out

Keywords Symonds, Management buyout

NatWest Equity Partners have completed the management buy-out of Symonds plc, the specialist electronics group, after receiving 91.2 per cent shareholder approval. The £40 million transaction will in due course formally end Symonds' listing as a public company on the London Stock Exchange.

NWEP has given its full backing to an MBO team headed by executive directors Martin Malone, Martin Glanfield and John Calvert, who believe that future progress can best be achieved outside the City arena (Plate 2).

Symonds plc was valued at £30.6 million after MCM Electronics ­ a private company formed by the management team to negotiate the bid ­ tabled an offer of 43p a share; 10p more than the listed company's share price when it revealed to the Stock Exchange that it was involved in talks that might lead to an offer.

Plate 2 The team that led the MBO from Symonds plc to form MCM Electronics. From left to right: Martin Glanfield, finance director; John Calvert, sales and marketing director; Martin Malone, chief executive; Martin Draper, investment director NatWest Equity Partners

Symonds, whose chairman is Birmingham-based entrepreneur Rod Ackrill, provides a fully integrated service to the telecommunications, computer, transportation and aerospace industries in the UK and overseas. Its two principal divisions are involved in the development and manufacture of prototype to mid-volume printed circuit boards and electronic manufacturing services. Both divisions provide a full spectrum of integrated, value added services to the electronics industry.