17th Mar 2014 14:38
LONDON (Alliance News) - Expansys PLC is set to move into private hands in April, three months after Dragon's Den investor Peter Jones' swooped to take a majority stake in the online consumer electronics retailer.
PDJ Bidco, the limited liability company Jones established to make the offer, has received acceptances, irrevocable commitments to sell or has, together with its concert party members, voting control of shares in aggregate amounting to 79.84% of the issued share capital of Expansys.
At PDJ Bico's request, Expansys has applied for its shares to no longer trade on the stock exchange. The cancellation is expected to be effective on April 14.
That means the 0.65 pence offer is no longer conditional on further acceptances being received.
If the remaining shareholders don't accept the offer, they face an illiquid market for the shares.
Expansys shares were Monday quoted at 0.641 pence, down 2.1%.
By Samuel Agini; [email protected]; @samuelagini
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