The internal power struggle for one of the last listed legal businesses has taken a new turn, with potential buyers being accused of conspiring to delay financial results reporting and threatened with a class action.

In an open letter widely circulated on social media, a group purporting to collectively own 14.94% of Anexo plc expressed ‘grave concern’ about developments that compound the prejudicial treatment of minority shareholders. Anexo, which owns the Liverpool law firm Bond Turner, is subject to an ongoing buyout bid from majority owners Alan Sellers, Samantha Moss and DBAT Advisors Limited.

The deadline for a decision on a potential offer was due last month, but it was subsequently extended to 5pm on 17 June. However, Anexo today announced its full-year results for 2024 will not be released before the end of June – leaving shareholders to make a decision on whether to sell while not being fully aware of the company’s financial position.

In contrast, Sellers, Moss and DBAY, as the company’s senior management team, would possess knowledge of financial performance for 2024 and the first quarter of this year.

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Minority shareholders say they are being forced into evaluating any takeover proposal in an information vacuum. ‘Without access to audited financial data, minority shareholders cannot properly assess whether any proposed offer represents fair value for their investment,’ said the letter.

‘This fundamental disadvantage renders any takeover process inherently unfair and potentially coercive. The timing appears deliberately orchestrated to benefit the joint bidders, who are simultaneously responsible for managing the company and controlling the timing of financial disclosures. This represents a clear and obvious conflict of interest that places minority shareholders at an unacceptable disadvantage.’

The minority shareholders are demanding that no takeover announcement should proceed until audited financial statements for 2024 have been published, with adequate time for reviewing and digesting the information. They also want an explanation why the results announcement has been delayed.

The letter calls on the board to act independently and in the interests of all shareholders, with independent oversight to ensure the sale process is conducted fairly.

The shareholders have also given notice they are prepared to bring a class action for claims for unfair prejudice, adding: ‘We will not hesitate to seek appropriate legal remedies to protect our rights and interests.’

Shares in Anexo Group plc fell by 0.8% to 61.5p on the day of the announcement that financial reports would be delayed.