15th Jan 2014 16:25
LONDON (Alliance News) - Entrepreneur Peter Jones must make a takeover over for Expansys after Wednesday upping his stake in the online smartphone and laptop seller to 50.92%.
Under takeover rules, Jones must make an offer for the remaining shares of the company.
The takeover code says that if a shareholder who owns at least a 30% stake in a company - and doesn't own over 50% - acquires any further shares, he must make a cash offer for the remaining shares held by other investors.
On Wednesday, Jones acquired about 110.3 million shares - a 9.49% stake - in Expansys, which resulted in his owning a clear majority of the shares.
He previously held 41.43% of the company's shares.
Jones, who is known as a panellist on BBC television programme Dragon's Den, must offer 0.525 pence per Expansys share held by other investors as it is the highest price he has paid for the shares in the past 12 months.
Expansys shares were Wednesday quoted at 0.55 pence, up 0.085 pence, or 18.3%.
By Samuel Agini; [email protected]; @samuelagini
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