“PMP has over the past period, facilitated legitimate private equity approaches in the interests of shareholders, including providing access to detailed financial and business information for due diligence purposes. Having reviewed this information, private equity advised PMP that they could support a proposal in the $1.95 to $2.15 price range, conditional on further commercial and confirmatory due diligence and the support of the PMP Board,” the company says in a statement.

“The PMP Board, in consultation with its external advisers, has determined that it cannot recommend a proposal in this indicative price range in light of the current and prospective financial and operating position of the Company. Accordingly, discussions with private equity have ceased.

“The PMP Board have considered the substantial business improvements that have been generated under the tenure of the current Managing Director, Mr Brian Evans, which is being reflected in improved trading performance and reduced debt levels. The Board and management of PMP are committed to continuing to grow the earnings of PMP and are pursuing a number of initiatives in this regard.

“The Board of PMP are confident that, as an independent listed company, PMP is committed to generating more value for its shareholders, and accordingly the indicative price range provided by private equity did not represent an appropriate control value for the company,” the statement concludes.

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