Accuma recommends bid from CEO

Debt consultants Accuma Group have agreed a takeover by chief executive Charles Howson and financial services firm Zeus Group at 15.5p a share, 88% higher than last night's closing price.The deal, which values the AIM-listed company at over £5m, has already received the backing of investors owning a combined 28.74% of the shares.Accuma, which first announced bid talks were underway back in August, joined the AIM market in March 2005 and carried out a share placing at 82p.In May, the company sold its individual voluntary arrangement (IVA) businesses to accountancy firm Grant Thornton for £5.6m, leaving consumer debt management specialist B&K as the only trading subsidiary."The independent directors recognise that with one remaining trading subsidiary, the base of the Accuma business has become too narrow to provide attractive shareholder returns on the capital employed in the business," read a statement Wednesday. "In addition the impact of overhead and management costs associated with maintaining Accuma's trading facility on AIM is, in the opinion of the independent directors, proportionately too high for the remaining business." A court meeting will be held on 30 December to approve the scheme, which is expected to become effective on 22 January next year. Acg Metals