Telecoms company Huge Group has become the subject of a probe by the Financial Sector Conduct Authority (FSCA) after a shareholder raised the alarm on its deal to take over software company Adapt IT.
This comes ahead of Huge Group's offer circular meant to be published next month. The circular will make the company's intention to purchase Adapt IT - which it announced in January - official.
In a letter seen by Fin24, managing member of US based investment advisor, Glacier Pass Management, Kerem Aksoy, flagged what he believed to be "unusual trade activity" in Huge’s shares in December 2020. Aksoy said he noticed that from December last year to January, the group began a repurchase programme, buying up 568 610 out of 696 311 shares, making up 82% of the group's total market volume that month.