15th Oct 2019 16:07
(Alliance News) - Camelot Capital Partners LLC on Tuesday extended the closing date for its offer to acquire Synnovia PLC to October 28 as it has not met the 90% acceptance condition.
As at the first closing date, which was Monday this week, BPF-1 Ltd - a wholly-owned subsidiary of funds advised by Camelot - had received acceptance from 15.9 million Synnovia shares. These equate to around 41% of shares issued and 71% of the Synnovia shares the offer related to.
The 15.9 million includes 6.2 million irrevocable undertakings from independent Synnovia directors, as well as "certain other Synnovia shareholders" andFR SIPP shares held by Faisal Rahmatallah - considered to be acting in concert with BPF-1.
BFP-1 holfd 11.7 million Synnovia shares and management shareholder will transfer another 4.9 million Synnovia shares to BFP-1 under the management share exchange agreement equating to 42$% of Synnovia shares. As such, on Monday, BFP-1 held or had acceptances for 32.4 million shares or an 83% stake.
Given that this is 7% short of the acceptance condition and so the offer is being extended to the new October 28 closing date. It may be extended further, with future extension to be announced the day after the offer was set to close.
Shares in Synnovia were up 1.1% at 125.40 pence in London on Tuesday afternoon.
By Anna Farley; [email protected]
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