Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Open platformOpen platform

UK online auction group ATG's top investor presses for chair ouster, sale

By Reuters News

Oct 26 (Reuters) - Auction Technology Group's ATG.L largest shareholder on Monday called for the removal of the British online auction operator's chair and a strategic review of the company, including a possible sale.

Here are some details:

  • FitzWalter Capital owns 27.2% of ATG and has proposed replacing Chair Scott Forbes with fellow ATG director Richard Campbell-Breeden

  • The activist investor said Campbell-Breeden would lead a strategic review to evaluate options, including a share buyback and a potential sale of ATG

  • FitzWalter argued that ATG's US-focused business, which contributes more than 80% of revenue, is being held back by its UK listing and London headquarters

  • "A principally US business is best overseen from the US ... ATG is likely to be more valuable to US private equity and strategic buyers," London-based FitzWalter said

  • FitzWalter ruled itself out as a potential bidder and said it would provide irrevocable undertakings to support any bidder recommended by ATG's board

  • Earlier this year, ATG had rejected a series of takeover approaches from FitzWalter, citing undervaluation

  • ATG did not have an immediate comment on the latest developments

  • Company's shares fell as much as 2.4% to 467.8 pence in early trading before paring losses to trade down 0.5% by 0828 GMT

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.
The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.
To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.
 

Cryptocurrency-related content is intended solely as news and market commentary. Crypto Derivatives are not available to Retail clients registered with Capital Com (UK) Ltd.