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TMN Shareholders Agree Progressive Acquisition
In the UK, online marketing services group TMN - which owns online research firms The iD Factor and ICD Research - has received shareholder approval to go ahead with its acquisition of business information provider Progressive Digital Media.
The new business is expected to have a market capitalisation of £38.8m when it re-lists on the Alternative Investment Market (AIM) tomorrow.
TMN first announced a potential 'reverse takeover' of the company in February this year, when it suspended trading in its shares on AIM.
The deal involves TMN paying Progressive's owner Michael Danson (who is also a TMN Non-Executive Director) with 292m new TMN shares, which will result in him owning an 85% stake in the enlarged group.
Danson is the former chief executive of business information group Datamonitor, which he set up in 1988 and sold to Informa in 2007 for £502m.
TMN shareholders have also voted in favour of changing TMN's name to Progressive Digital Media Group plc.
Web site: www.tmnplc.com .
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