20th Aug 2019 12:58
(Alliance News) - FFI Holdings PLC on Tuesday said shareholders have voted in favour of its delisting and the company's shares will cease trading on AIM next week.
The delisting follows the video production company's acquisition by Lumiere Acquisitions Co LLC.
Lumiere, a wholly-owned subsidiary of the 777 Group, bought 47.5 million FFI shares for 24.99 pence each in July from FFI Chief Executive Steven Ransohoff and the Crystal Court Trust, in which Ransohoff and his immediate family are the beneficiaries.
Shares in FFI were down 1.8% at 25.05 pence in London on Tuesday. They traded as low as 12.25p back in March.
This gave Lumiere a 68% stake and triggered a mandatory takeover offer. Lumiere announced it had reached the 75% approval threshold needed for the acquisition on Friday last week.
Shareholders have now approved the de-listing of FFI's AIM shares, with FFI to be re-registered as a private company. Trading in FFI shares will cease on Tuesday next week and the cancellation will take place the day after.