Akers and fellow director Nigel Robertson have formed a new company, Hegira, which has reached an agreement to acquire the entire issued and to be issued share capital of Sports Resource Group.
The cash offer values Sports Resource Group, which is a holding company for a variety of sports-related companies - including marketing agency Fast Track which handles the UKAthletics commercial rights -, at approximately £6.6million.
The offer by Hegira is structured using a loan note alternative to enable the subsidiary managements to purchase their respective businesses, accelerating the return of value to the group's shareholders.
Comments Akers: "Against a very difficult background, Sports Resource has worked hard to retain existing clients and has invested in senior management to broaden the revenue streams of the Group, achieving some measure of success.
"However, in the absence of any material improvement in either the sports market or the small cap quoted sector and, given the cash resources required to maintain this necessary development, the Board of Sports Resource decided to investigate and carefully consider the options of maximising shareholder value going forward.
"Such options included continuing trading or selling the Group, in whole or in part. However, I believe this Offer from Hegira provides the most certain route of maximising shareholder value."
The break-up and subsequent de-listing of Sports Resource Group, approval of which will be sought from independent shareholders at an EGM on June 5, stands to represent a substantial loss to Akers with the share price diving considerably from its initial listing price.
Chris Akers is heading a management buy-out of Sports Resource Group, the stock market listed company of which he is chairman and a director.
