Murgitroyd logo

MUR - Murgitroyd News Story

670p 0.0  0.0%

Last Trade - 18/12/19

Sector
Industrials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £48.0m
Position in Universe th / 1818

Murgitroyd Group PLC - Court Sanction of Scheme of Arrangement

Tue 17th December, 2019 12:45pm
RNS Number : 1880X
Murgitroyd Group PLC
17 December 2019
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY

OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD

CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH

JURISDICTION

 

FOR IMMEDIATE RELEASE

 

RECOMMENDED CASH ACQUISITION

 

of

 

Murgitroyd Group PLC

("Murgitroyd" or the "Company")

 

by

 

Project Petra Bidco Limited

("Bidco")

 

a newly incorporated entity indirectly controlled by funds managed by Sovereign Capital Partners LLP

 

to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006

 

Court Sanction, Exercise of Options and Suspension of Trading on AIM

 

On 18 October 2019, the Boards of Bidco and Murgitroyd announced that they had reached agreement on the terms of a recommended cash offer, to be made by Bidco to acquire the entire issued and to be issued share capital of Murgitroyd (the "Acquisition"). The Acquisition is intended to be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme"). On 26 November 2019, Murgitroyd announced that the Scheme was approved by a majority in number of Scheme Shareholders, who voted and were entitled to vote, either in person or by proxy, and who together represented over 75 per cent. by value of the votes cast.

Murgitroyd and Bidco are pleased to announce that the Scheme was sanctioned by the Court earlier today. The Scheme will become effective upon the Court order being delivered to the Registrar of Companies, which is expected to take place on 19 December 2019.

Exercise of options and admission of shares to trading on AIM

Upon the Court sanction of the Scheme earlier today, options granted under the Murgitroyd Unapproved Share Schemes have become exercisable over 299,000 ordinary shares of 10 pence each ("Ordinary Shares") and have been exercised in respect of all 299,000 Ordinary Shares, to be satisfied in full by the issue of new Ordinary Shares.  As a consequence, application has been made to the London Stock Exchange for 299,000 new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in such Ordinary Shares will commence at 8.00 a.m. on 18 December 2019.

Total voting rights

Upon Admission, the Company's issued share capital will consist of 9,308,347 Ordinary Shares with one voting right each. The Company does not hold any Ordinary Shares in treasury. The International Securities Identification Number for Murgitroyd Ordinary Shares is GB0031067456. This figure may be used by shareholders as the denominator by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.

Suspension of trading on AIM

Dealings in Murgitroyd Shares will be suspended from trading on AIM with effect from 7.30 a.m. on 19 December 2019. Subject to the Scheme becoming Effective, it is expected that the admission of Murgitroyd Shares to trading on AIM will be cancelled by no later than 7.00 a.m. on 20 December 2019.

Defined terms used but not defined in this announcement have the meaning given to them in the scheme circular sent to Murgitroyd Shareholders on 30 October 2019.

 

Enquiries:

 

Murgitroyd

Tel: +44 (0) 141 307 8400

Edward Murgitroyd / Keith Young

 

Nplus1 Singer (Financial Adviser, Joint Rule 3 Adviser and Broker to Murgitroyd)

Sandy Fraser / George Tzimas / Amanda Gray

 

Tel: +44 (0) 207 496 3000

Deloitte (Financial Adviser and Joint Rule 3 Adviser to Murgitroyd)

 

Chris Nicholls / Gavin Hood / Craig Lukins / Roger Mayor

Tel: +44 (0) 207 936 3000

Media and Investor Enquiries:

 

TB Cardew (Public Relations Advisers to Murgitroyd)

Tel: +44 (0) 207 930 0777

Nadja Vetter

 

 

 

 

Important notices

Nplus1 Singer, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as financial adviser to Murgitroyd and for no one else in connection with the Acquisition or any matters referred to in this Announcement and will not be responsible to anyone other than Murgitroyd for providing the protections afforded to its clients nor for providing advice in relation to the Acquisition, the contents of this Announcement or any other matters referred to in this Announcement.

Deloitte is acting for Murgitroyd and no-one else in connection with the Acquisition and will not be responsible to anyone other than Murgitroyd for providing the protections offered to clients of Deloitte or for providing advice in relation to the Acquisition. Deloitte is authorised and regulated in the United Kingdom by the Financial Conduct Authority in respect of regulated activities. Deloitte can be contacted at its principal office: 1 New Street Square, London EC4A 3HQ.

Publication on website and availability of hard copies

A copy of this Announcement will be made available free of charge on Murgitroyd's website at www.murgitroydgroup.com. Neither the content of any website referred to in this Announcement nor the content of any website accessible from hyperlinks is incorporated into, or forms part of, this Announcement.

Any person who is required to be sent a copy of this Announcement under the Code, and who has not received a hard copy of it, may request a hard copy of this Announcement (and any information incorporated by reference in this Announcement) by submitting a request by telephone to Link Asset Services on +44 (0)37 1664 0321 during normal business hours. Please note that Link Asset Services cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes.

Save as otherwise referred to above, a hard copy of this Announcement will not be sent unless requested.  Any such person may also request that all future documents, announcements and information in relation to the Acquisition should be sent to them in hard copy form.   

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
SOATRBTTMBIBBBL
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.