5th Aug 2019 18:34
(Alliance News) - Bonmarche Holdings PLC on Monday said its shares will be cancelled in London next week following its acquisition by Philip Day's Spectre Holdings Ltd.
Shares in Bonmarche, a troubled womeswear retailer, are to be cancelled at 0800 BST on Monday next week.
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 required to give 14 days' notice of cancellation. During that notice period, Spectre passed the acceptance threshold of 75% and was consequently compelled to complete the 11.445 pence per share buy.
Spectre - a vehicle owned by Edinburgh Woollen Mill group Chief Executive Day - vowed to cancel Bonmarche's shares if the acquisition went through and will do so in a week.