Doc Doc said its board had agreed to move forward with the plan put forward by Telecom’s second-largest shareholder, Toscofund, but would have to seek the support of hedge fund executive chairman and founder Charles Dunstone. Dunstock is the largest shareholder in DocTalk with a stake of almost 30%. Toscofund, led by Martin Gilbert, holds a similar number of shares.
“The Board has considered the terms of this plan and is seeking advice from the company’s advisers and has agreed to further develop the project with Toscofund,” the company said in a statement.
Toscofund’s 97b-a-share offer value is valued at $ 1.2 billion, including $ 2 billion in debt. Last year, Toscofund reportedly offered an opportunity to rate the business at 135p-a-share, which was rejected by management, according to a report released by Sky News in July. Doc Doc traded at 120p in February, shortly before the UK-wide lockout due to a corona virus infection.
A.J. Bell’s director of investment, Russ Mold, said: “It seems that the unhappiness in the doc doc markets may come to an end.” Struggled and growth has really stalled in recent years. “
Molt points out that the 97p-a-share offer was less than a third of Doc Doc’s peak five years ago.