Michael Green makes stock market comeback with Tangent deal

Click to follow
The Independent Online

Michael Green, the former chairman of Carlton ousted from the board of ITV in a bloody shareholder revolt, is making a stock-market comeback through the flotation of his junk mail business Tangent Communications.

Michael Green, the former chairman of Carlton ousted from the board of ITV in a bloody shareholder revolt, is making a stock-market comeback through the flotation of his junk mail business Tangent Communications.

Mr Green, who was forced out before the ITV merger between Carlton and Granada was completed with a £15m pay-off, is reversing Tangent Communications into Documedia Solutions. The enlarged group will have a value of about £10m and will be quoted on AIM, the junior market.

Mr Green will own 52.6 per cent of the company but will not be on its board. He will, however, be closely involved in advising the company's joint chief executives, Nicholas and Timothy Green, who are his nephews. "Michael has been a great mentor to Tim and me over the last few years," Nicholas Green said.

The company, which will trade under the Tangent name, specialises in producing personalised junk mail for clients ranging from the pubs group Greene King to Hewlett-Packard, the computers giant. It mines customer databases looking for certain buying habits and then targets individuals with personalised mailings. Documedia Solutions is involved in the same area.

"Responses are much higher with this sort of thing," Mr Green said.

The company is moving into electronic junk mail, using picture messaging. "Advertisers want to talk to people directly and as individuals and we have the technology that enables them to do it," he said.

"The combined company we have created today will give us the platform to take advantage of the massive shift in marketing spend away from traditional outlets towards personalised messaging in all its forms."

The combined group has sales of £7.8m and pre-tax profits of £300,000. It will employ 105 people.

Tangent Communications bought its way into the junk mail business through the acquisition in 2000 of London Digital, a company founded in 1975 as the London Black and White Company.

Comments