16th Aug 2019 17:30
(Alliance News) - Lumiere Acquisitions Co LLC on Friday said it secured valid acceptances in respect of 14.5 million FFI Holdings PLC shares, about 9.2%, taking its total stake in the company to 89.3%.
At the end of July, video production firm FFI confirmed it will leave the London Stock Exchange following a takeover by Lumiere. Lumiere, a wholly-owned subsidiary of the 777 Group, earlier July bought 47.5 million FFI shares from FFI Chief Executive Steven Ransohoff and the Crystal Court Trust, a trust of which Ransohoff and his immediate family are the beneficiaries.
These shares were purchased at a price of 24.99 pence each, and following that, Lumiere held 68% of shares, triggering a mandatory takeover offer.
On Friday, Lumiere said it now holds, in aggregate, a sufficient number of FFI shares to meet the 75% approval threshold and complete the takeover. The cash consideration payable will be settled within 14 days from Friday, Lumiere added.
FFI shares closed 2.0% lower on Friday in London at 25.00p each.