10th Jul 2019 13:47
(Alliance News) - Bonmarche Holdings PLC on Wednesday said Artemis Investment Management LLP has dropped its entire 12% stake in the company.
Shares in Bonmarche were down 5.8% at 11.07 pence on afternoon trading.
Artemis disposed of all of its shares in the clothing retailer following a deal on Tuesday this week, just days before Spectre Holdings Ltd's Bonmarche bid closes this Friday.
Given that Spectre, a vehicle owned by Edinburgh Woollen Mill Group Chief Executive Philip Day, has already acquired a 66% in company, this final 12% would carry Spectris over the 75% acceptance needed for the deal.
In a separate statement Wednesday, Bonmarche said Spectre had 83% stake in the company as of Monday.
On June 27, Spectre announced it would be closing its Bonmarche bid - which was mandatory after Spectre acquired a 52% majority stake in April - as early as possible due to poor first quarter trading from Bonmarche.
However, Spectre was still obliged to give at least 14 days' notice before closing the 11.445 pence per share bid, and it would appear that enough shareholders have accepted in that short window.
Spectre has stated that if it does receive acceptance threshold for the bid, it will cancel Bonmarche's London Main Market listing within 20 days.