McPherson print split approved

Opus Group’s public listing plan takes another step forward, as McPherson’s shareholders approve the demerger of its consumer products and printing divisions.

The game is still afoot however, as the MPG Printing acquisition of the Opus Group is conditional by its shareholders at a general meeting in March. The demerger will see all MPG Printing shares distributed to registered McPherson’s shareholders on 24 January 2012.

According to Cliff Brigstocke, CEO of OPUS Group, the decision by the McPherson shareholders now opens the way for the acquisition, but it is still subject to the shareholder vote.

“The Opus team were delighted to hear the demerger result. We’ve been working closely with the McPherson Limited board, and believe that we’ve got a good strategy for the MPG/OPUS combined entity,” he says.

Brigstocke (pictured) notes that OPUS wants to maintain the momentum it has achieved so far as a private company, and the MPG merger will provide a new platform for its growth strategy. “Being ASX listed will enable us to continue on our path of growth,” he adds.

If successful the new print entity will be a major player in the Australasia book publishing market, as both players hold book printing and digital production companies under their belts. The planned reverse takeover will see Opus claim a 70% majority of MPG shares.

David Allman, chairman of McPherson’s, says the parent company will focus on consumer products following the demerger. “It will be better placed to develop its core operations both organically and by acquisition,” he says.