Gerber’s proposals to give himself and two of his nominees a seat on the board – thereby paving the way for a reverse merger between o2o and two firms controlled by Gerber – were soundly rejected by the other shareholders.
With this "expensive distraction" behind him, Moate can now devote all his time and energy to implementing a number of key initiatives at o2o. These include a major review of the group’s distribution footprint, the results of which are set to be announced in the second half of this year.
2013’s results were pretty solid with market share gains in the Banner office supplies business and the Advantia/Truline venture. There was also further growth in the Banner Managed Communication division which now accounts for almost 40% of the group’s sales.
However, with o2o’s share price down significantly in the past 12 months (despite a recent improvement), the group remains an attractive takeover target and it would not be surprising to see it involved in some form of market consolidation in the next year or so.