4th Nov 2020 10:44
(Alliance News) - Language support services firm RWS Holdings PLC completed its all-share combination with peer SDL PLC, accompanied by a number of board changes.
RWS has appointed two non-executive directors from SDL with immediate effect. These are SDL's former chair, David Clayton, and Gordon Stuart, previously a non-executive director at SDL.
RWS also appointed Frances Earl as a non-executive director with immediate effect. Earl was a member of Accenture's UK and Ireland executive board in her role as UK & Ireland HR Director.
Elizabeth Lucas and Tomas Kratochvil will be leaving the RWS Board immediately following combination completion.
SDL's listing on the official list was suspended on Wednesday at the company's request, ahead of the combination.
The deal has been sanctioned by a court in the UK with the combination to be implemented through a court-sanctioned scheme of arrangement. Shares in SDL are suspended from trading, and new RDL shares will be issued Thursday.
Back in August, the two unveiled plans for an all-share tie-up with a view of creating "the world's leading language services and technology group". Under the terms of the deal, SDL shareholders will be entitled to receive 1.2246 new RWS shares for each SDL share they own. RWS shareholders will hold just over 70% of the enlarged firm, with SDL shareholders just shy of 30%.
Shares in RWS were up 6.9% at 587.00 pence in London on Wednesday.
By Anna Farley; [email protected]
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Related Shares:
RWS Holdings