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TRADING UPDATES: AdEPT Technology shareholders greenlight takeover

17th Mar 2023 16:13

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:


AdEPT Technology Group PLC - Kent, England-based managed services and telecoms provider - Notes that almost 100% of shares have been cast votes in favour of a planned takeover by Thetis Bidco Ltd, which is a member of the Wavenet Group and a subsidiary of MPRC Europe Ltd, itself part of Macquarie Group Ltd. The takeover is still subject to a court sanctioning the scheme, with the court hearing expected on April 5. AdEPT expects the takeover to become effective on April 11.


Circle Property PLC - London-based buyer, developer and manager of regional office assets in UK - Completes sale of Somerset House, Birmingham, for GBP15.2 million. It was acquired by Circle Property in January 2016 for GBP7.8 million. The sale price represents a nearly 100% uplift on the initial purchase price, but a 16% decrease on the building's March 31 valuation of GBP18.1 million. Meanwhile, firm intends to redeem B shares for 158 pence per B share, amounting to around GBP46.2 million.


Non-Standard Finance PLC - Wakefield, West Yorkshire-based consumer lending firm - Launches scheme providing GBP14 million to customers with valid claims. Says scheme is in exchange for release of redress claims and financial ombudsman service fees. Adds that this paves way for capital raise to restore balance sheet. The scheme needs approval from a court, with Non-Standard Finance explaining that the court not approving the scheme would most likely lead to a group-wide insolvency. Back in September, the company had reported a half-year pretax loss of GBP36.2 million, widened significantly from GBP7.5 million a year prior, while warning of potential insolvency.


Secure Trust Bank PLC - Solihull, England-based savings accounts and lending services provider - Buys back total of GBP25.0 million 6.75% fixed rate reset callable subordinated tier 2 bonds due 2028. Chief Executive Officer David McCreadie says: "We are pleased to have completed the bond refinancing and expansion of our capital base. With our enlarged regulatory capital base, we are strongly positioned to continue to help consumers and businesses fulfil their ambitions and to scale our business."


By Tom Budszus, Alliance News reporter

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