Shares soar as WYG announces strategic review

Paul Hamer, chief executive of WYG. Pictured by Simon Hulme
Paul Hamer, chief executive of WYG. Pictured by Simon Hulme
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SHARES in WYG rose more than 7 per cent in trading today after the global project management firm announced a strategic review.

The Leeds-based company said it wanted to find if there are “options which could better enable WYG to take full advantage of its growth potential”.

WYG carried out a financial restructuring in 2011 and is seeing strong growth in its project pipeline.

The company said it is creating almost more opportunities than it can service under its existing model of organic growth.

WYG added: “Against this background, the board of WYG recognises that this strategic review may or may not conclude that, given its current relative scale, being part of a larger business or expanding the scale of its current operating platform would provide significant advantages and better position the company to take full advantage of its growth potential.

“At this stage, however, all options available to the company are being considered.”

The review will look at potential corporate transactions such as strategic partnership, merger or acquisition and sale of the company or new or extended bank facility.

Under City rules on takeovers, the company is now considered to be in an “offer period”. Lazard & Co is advising WYG.