3rd May 2018 11:31
LONDON (Alliance News) - Gloo Networks PLC said on Thursday it is give back its remaining capital to shareholders through a voluntary liquidation process.
Shares in Gloo are up 18% Thursday morning to 45.60 pence each.
The company anticipates, after expenses, its shareholders will receive no less than 47p per share. The de-listing of Gloo is expected no earlier than June 5.
The decision comes after the company's announcement in late March it was no longer considering a reverse takeover among the acquisition opportunities it had reviewed.
Gloo listed in 2015 through an initial public offering which raised GBP30.0 million. It was formed to acquire "trusted consumer brands" and enhance their business model through the application of technology and data analytics.
Non-Executive Chairman Arnaud de Puyfontaine said: "Since its inception, Gloo has adopted a disciplined and rigorous approach to assessing acquisition opportunities, which led to a review of more than 90 potential assets and in-depth discussions with 11 target companies.
"As part of that process, management engaged with trusted brands where it saw an opportunity to create shareholder value by acquiring strong operating assets that combined predictable revenues and digital growth potential.
He added: "The board has conducted a strategic review of the current pipeline of potential acquisitions within our target sectors that demonstrate the requisite financial characteristics. Given the likely timeframe to a possible acquisition, the board concluded that shareholders would be best served through the return of Gloo's remaining capital."