PracticeAccounting FirmsTenon share buyer linked to rival firm

Tenon share buyer linked to rival firm

A large chunk of stock in troubled consolidator Tenon has been acquired by a major player in the founding of fellow listed accountancy firm Vantis.

Link: Tenon crisis: Timeline of woe

Almost 15% of Tenon shares have been acquired by Southwind Limited, the family investment vehicle of Bob Morton, non-executive chairman at Systems Union and a former partner at Morton Thornton, one of the four founding firms in Vantis, which floated in May last year.

Southwind bought just over 23 million shares, 15 million of which were acquired on Tuesday last week – the day Tenon chief executive Ian Buckley resigned, a profits warning was issued and the share price fell to an all-time low of 6.25p.

The acquisition has prompted speculation about the future of Tenon, but the company would not comment. Southwind is incorporated in the British Virgin Islands and owned by a trust of which the beneficiaries are Bob Morton’s children. Morton said he played no part in the management or investment decisions of Southwind. He said the trustees bought into Tenon because they thought it was ‘a good investment at the price’. He added: ‘I don’t own shares in Vantis. As far as I know the trustees don’t either.’

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