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Penna Consulting PLC updates on recommended cash offer for Savile Group plc


Thursday, 19 Dec 2013 02:00am EST 

Penna Consulting PLC:Says on Nov. 12 , the boards of Penna and Savile Group plc announced that they had reached agreement on the terms of a recommended cash offer by Penna for the entire issued and to be issued ordinary share capital of Savile (the Offer).Says the Offer was declared wholly unconditional on Dec. 4.Says as at Dec. 18 (being the second Closing Date of the Offer), Penna had received valid acceptances in respect of a further 9,965,710 Savile Shares, representing about 62.5 per cent. of the entire issued share capital of Savile.Says as at Dec. 18 (being the second Closing Date of the Offer), Penna had therefore received valid acceptances in respect of a total of 14,049,155 Savile Shares, representing about 88.1 per cent. of the entire issued share capital of Savile.Says Savile has applied for cancellation of admission to trading of the Savile Shares on AIM with effect from Jan. 10, 2014.Says subject to the cancellation of admission to trading of Savile Shares, Penna also intends to procure that Savile re-registers from a public limited company to a private limited company.Says as set out in the Offer Document, if Penna receives acceptances under the Offer in respect of, and/or otherwise acquires or contracts to acquire, 90 pct or more in nominal value of the Savile Shares, Penna intends to exercise its rights to acquire compulsorily any remaining Savile Shares. 

Company Quote

130.0
0.0 +0.00%
30 Jul 2014