4th Oct 2016 10:55
(Correcting the day on which the shares will be cancelled.)
LONDON (Alliance News) - Pinewood Group PLC on Tuesday said its shares will be cancelled from trading on the AIM market no later than Wednesday morning, after its scheme of arrangement received court sanction last Tuesday.
In August, film studio Pinewood received approval from the Financial Conduct Authority for its takeover by Picture Holdco Ltd, a company incorporated for the purpose of the takeover and owned by PW Real Estate Fund III LP.
Picture Holdco is buying Pinewood for 563.20 pence per share, made up of 560.00p in cash plus the final dividend of 3.20 pence Pinewood announced for its year to end-March. The deal values Pinewood at GBP323.3 million.
Last Tuesday, the scheme of arrangement by which the takeover is being implemented received court sanction from the High Court of Justice in England and Wales.
As such, Pinewood said it has made an application for its shares to be cancelled from trading on the AIM and cancellation of the shares is expected no later than 0700 BST on Wednesday.
Shares in Pinewood were suspended from trading on AIM last Thursday.
By Hannah Boland; [email protected]; @Hannaheboland
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