1st Jul 2019 14:16
(Alliance News) - Bonmarche Holdings PLC on Monday said Spectre Holdings Ltd held a 66% stake in the company on Friday last week.
Shares in clothing retailer Bonmarche were down 3.4% at 11.35 pence in afternoon trade.
Spectre was required to make a mandatory offer for Bonmarche in April when it acquired 26.2 million Bonmarche shares, taking it to a 52% majority stake.
Bonmarche's board initially rejected the 11.445 pence per share offer, which valued the company at just GBP5.7 million, but changed its mind last Wednesday after a tough first quarter.
On Thursday, however, Spectre changed its mind and announced plans to withdraw the offer early given Bonmarche's poor performance. The offer is to close July 12, but remains open until then.
On Friday, Spectre held 32.8 million Bonmarche shares, equivalent to a 65.6% stake. If, by July 12, Spectre has received acceptances from the 75% minimum required for the acquisition, it will cancel Bonmarche's London listing.