25th Feb 2016 16:40
LONDON (Alliance News) - Cathexis UK Holdings Ltd said on Thursday its now owns or has offers accepted for the entire issued capital of ISG PLC, and as a result ISG has applied for the cancellation of its listing on AIM.
Earlier this month, Cathexis made an offer of 171.00 pence per share for the construction services company, having previously proposed an offer of 143.00p, which ISG had rejected.
Due to the significant shareholding Cathexis and related parties would have had in the business had the offer failed to become unconditional and lapse, which would be around 48%, ISG said last week accepting the offer was in the best interests of shareholders.
The last day of dealing in ISG shares is expected to be March 24, will cancellation taking effect on March 29. As a result, ISG will no longer be publishing its interim results on March 8.
ISG shares closed down 0.5% at 170.97p.
By Hannah Boland; [email protected]; @Hannaheboland
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