London, 1 December 2011 – BlueGem increases its investment in Management Consulting Group Plc
Today BlueGem L.P. acquired 35,344,895 Ordinary Shares Management Consulting Group Plc at a price of 22 pence per Ordinary Share pursuant to the exercise of the warrants issued on their initial subscription in June 2010. This exercise is satisfied by new shares and following this exercise the Company has approximately 489 million Ordinary Shares in issue. In addition, BlueGem purchased 13,600,000 Ordinary Shares on 1 December 2011 at a price of 33 pence per Ordinary Share. Following the acquisition of these shares, BlueGem has a notifiable interest in 124,629,895 Ordinary Shares representing 25.50% of the issued share capital of the Company.
Nick Stagg, Chief Executive commented:
“We appreciate BlueGem as long term supportive shareholders and I am pleased that they have shown their continuing support for the business by exercising their warrants and buying further shares. We will continue to seek to align the interests of employees with shareholders by making share awards an important component of the variable element of senior employees’ remuneration within Alexander Proudfoot and Kurt Salmon. To this end, approximately 160 employees now have some form of participation in the equity of the business.”
Marco Capello, Managing Partner of BlueGem Capital Partners LLP commented:
“Since acquiring our position in MCG last year, we have been very encouraged with the progress made by the Group as evidenced by the strong rise in both profits and revenues at the interim results. We continue to believe that MCG is well placed through its sector and geographic diversity to grow its market position.”
To read the full Management Consulting Group press release click here