Bond International board revises recommended sale offer

Bond International Software withdrew its recommendation of the revised Constellation offer on Wednesday, and recommended improved terms for the sale of its recruitment software subsidiaries to Symphony, increasing the consideration to £19.4m.

The AIM-traded firm said agreement had also been reached for the sale of its real estate asset to for £1.8m in cash on completion.

Bond said the total distribution to shareholders from the members' voluntary liquidation after it has completed the sale and paid all relevant transaction costs and taxes, is anticipated to be between 121p and 122.5p per ordinary share, which includes the sale proceeds of the real estate asset.

“The directors currently anticipate that the initial distribution will be between 115p and 116p per ordinary share.”

“Completion of the sale is conditional upon the passing of the sale resolution at the general meeting on or before 31 October 2016.”