MayAir Shareholders Give Blessing To Poly Glorious Takeover Offer

12th Mar 2018 17:21

LONDON (Alliance News) - MayAir Group PLC said on Monday shareholders approved the GBP50.0 million acquisition of its entire share capital by Poly Glorious Investment Co Ltd.

The Malaysia-based air filtration company said shareholders voted 99.99% in favour of the special resolution giving its board permission to go ahead with the takeover.

There are some still conditions left in order to complete the acquisition including sanctioning from the Royal Court of Jersey, which will take place on Monday next week.

MayAir said in late January it had agreed a takeover of its entire share capital by Poly Glorious, a newly incorporated vehicle of T&U Investments.

Poly Glorious is to pay MayAir shareholders 120.00 pence per share in cash, a 25% premium to the company's 96.00p closing price the day before the bid announcement was made, and a 45% premium to its closing price on November 16, when the bid was made.

MayAir shares closed down 0.8% at 118.00 pence each on Monday.