The offer Price represents a premium of approximately 16.4 per cent to the Closing Price per Daisy Share of 159.0 pence on 25 July 2014 (being the last Business Day prior to the Consortium's approach to Daisy). In addition, the offer implies an enterprise value multiple of approximately 11.0 times Daisy's Adjusted EBITDA of £57.9 million for the 12 months ended 31 March 2014.
Entities advised by Toscafund hold 28.5% of Daisy, while Mr Riley has 23%. Four funds which hold a further 40% have also given undertakings to accept the offer.
Commenting on the Offer, Matthew Riley, Chief Executive of Daisy and a member of the Consortium, said "The Company has enjoyed loyal support from its shareholders over the five years it has been quoted on AIM. The Offer provides Daisy Shareholders with a cash premium today and represents a positive development for our 59,000 customers and continuity for our 1,500 employees; it also positions the Company for its next phase of growth in the UK telecoms and IT sector, with the backing and strategic and financial guidance of Toscafund and Penta."
Peter Dubens, Executive Chairman of Daisy, added "I would like to thank Matthew Riley and the management team of Daisy for their skill and hard work in implementing an acquisition-led strategy which has delivered shareholders 185 pence per Daisy Share compared to the placing price in the 2009 reverse takeover of 80 pence per Daisy Share, an increase of 131.3 per cent. When compared with the increase in the FTSE AIM All Share index of 27.5 per cent. since Admission, I believe that this represents a good outcome for all Daisy Shareholders."