Loans complicate takeover talks for property agent DTZ - Telegraph
DTZ's latest annual report shows £25m of mezzanine loans provided by Saint George Participations can be redeemed by the issuing of shares at the "company's [DTZ's] sole discretion".
French group SGP owns 55pc of DTZ and is in talks to acquire the company. However, the shares are trading at 31p and were above 40p earlier this month before the shock exit of the chief executive and finance director.
Paul Idzik and Bob Rickert are understood to have quit DTZ after becoming frustrated at the disruption the takeover talks are causing the business and the failure of the board to demand a "put up or shut up" deadline for SGP.
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