Minorplanet to meet suitor

VEHICLE tracking company Minorplanet today confirmed it had been subject to a takeover approach.

Leeds-based Minorplanet said although it had rejected the written proposal from the undisclosed “third party”, it had subsequently agreed to meet the interested party.

But Minorplanet stressed there was no certainty that an offer for the company would be made following the meeting.

Minorplanet said it decided to confirm the approach following recent movements in its share price.

The company said the proposal “materially undervalues the company’s leading position in the telematics market, its strategic positioning and its prospects”.

Minorplanet provides products which can track drivers and monitor how long they are behind the wheel.

For the year ended August 31, Minorplanet’s pre-tax profit rose 60% from £1m to £1.6m, on turnover of £24.4m, up from £23.8m.

The improved performance, following a period of heavy financial losses at the fleet management firm, included substantial investment in new products and personnel, other board changes, and the acquisition of 49.9% of its subsidiary Minorplanet Asia Pacific Pty, for £1.7m last May.