TMN investors approve Danson takeover

Under the terms of the deal, TMN will acquire all the shares in Danson’s company, Progressive Digital Media (PDM), by issuing him with more than 290 million of its own shares.

Danson already owned 28% of TMN. His holding in the combined group, which will trade under the PDM name, will be almost 85%.

When the TMN reverse takeover was proposed earlier this month he said: “I am convinced that in these difficult economic times, an enlarged group will be better placed to trade successfully in the challenging market, take advantage of increased scale, greater financial stability and flexibility and ultimately deliver strong levels of growth over the medium term.”

Danson founded Datamonitor in 1989. He took the company public 11 years later and it was sold to publishing group Informa in 2007 for £502m, netting him more than £60m.

TMN owns research agencies ID Factor and ICD Research.