Tangent Holdings UK (or Bidco), the Michael Green-backed venture that launched a £6.7m, 2.25p a share bid for the business on 10 February, has issued a statement disclosing additional holdings by people connected to its bid.

It has transpired that Tangent chairman Michael Green’s stated holding in the original offer document of 83,158,190 shares included 170,455 shares that are actually held by Oliver Green.

As a result Michael Green’s stake has been restated as 82,987,735 shares.

In addition to the Bidco members – Michael Green, together with Tangent directors Tim Green, Nick Green, and Jamie Beaumont – the other people “deemed to be acting in concert with Bidco” are Oliver Green (170,455 shares), Judith Green (190,000), Jeff Stanton (35,000) and Pauline Callan (32,424).

Bidco did not respond to a request for comment on what the connections are between its directors and the four named individuals.

Michael Green has also disclosed that in March 2015 he bought 33,158,190 Tangent Communications shares at 3.25p per share from Tangent Industries Limited, a company that he controls.

Bidco said it had irrevocable undertakings from Tangent Communications directors that represent 33.8% of the group’s shares. Other shareholders have a first closing date offer deadline of 1pm on Friday 4 March to accept the Bidco offer.

Separately, PrintWeek understands that directors at Writtle Holdings are now in receipt of additional information about Tangent’s trading performance that will allow them to decide whether or not to proceed with a higher rival offer of at least 2.75p a share.

WH Ireland, the financial adviser to Bidco, was hit with a £1.2m fine this week by the Financial Conduct Authority for “serious failings” regarding risk management and a lack of effective controls, resulting in the risk of market abuse. The fine relates to the firm’s activities during specific periods in 2013 and 2014. As well as the fine it has also been barred from taking on any new corporate broking clients for 72 days.