1st Jul 2021 20:19
Watchstone Group PLC - cash shell with remaining assets comprising litigation assets, contingent liabilities and cash - Polygon Global Partners LLP says it on Thursday bought 500 Watchstone shares at price of 34 pence each. As a result of purchase, interested in 13.8 million Watchstone shares, representing 30% stake. Under takeover rules, this means Polygon has to make mandatory cash offer for remainder of Watchstone. Offer would see shareholders receive 34p in cash for each Watchstone share held, valuing entire firm at GBP15.7 million.
Watchstone notes Polygon's announcement. It says: "As required by the City Code on Takeovers and Mergers, the board will be obtaining independent advice in respect of the offer and will make the substance of such advice known to shareholders in due course. In the meantime, shareholders are advised to take no action in respect of the offer."
Current stock price: 52.10p
Year-to-date change: down 13%
By Lucy Heming;Â [email protected]
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