MayAir Shares Suspended As Shareholders Approve Poly Glorious Deal (ALLISS)

19th Mar 2018 11:21

LONDON (Alliance News) - Shares in MayAir Group PLC were suspended on Monday following shareholder approval for the group's acquisition by Poly Glorious Investment Co Ltd.

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

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 on Thursday and a 45% premium to its closing price on November 16, when the takeover bid was made.

With approximately 42.0 million shares in issue, the deal values MayAir at around GBP50.4 million.

Completion of the acquisition is now subject to sanction by the Royal Court of Jersey at the court hearing, expected to take place Monday afternoon.