Recap Proposal?

Thorn Group knocks back COG again, considers recap proposal

Thorn Group is believed to be mulling a recapitalisation proposal backed by major shareholder Duncan Saville for one of its divisions.
It is understood that while suitor Consolidated Operations Group submitted a fully funded $82 million bid on Friday for Thorn's trade and debt finance business - up from an earlier tilt of $70 million - it has been rejected by the board in favour of a recapitalisation.
ASX-listed Thorn Group tapped boutique adviser Gresham Partners in January 2018 to help it find a buyer for the unit which includes a $40 million-odd receivables book.
Duncan Saville heads up Somers Limited which holds a 19.9 per cent stake in Thorn Group.
Somers is a Bermuda Stock Exchange-listed financial services investment holding company, which has shareholders’ funds of about $US349 million