1st Jul 2019 18:20
(Alliance News) - Bonmarche Holdings PLC on Monday said several directors have accepted a mandatory unconditional cash offer by Spectre Holdings Ltd and disposed of their shareholdings in the company.
Shares in clothing retailer Bonmarche closed up 2.0% at 11.99 pence.
Earlier on Monday, Bonmarche reported that Spectre Holdings Ltd held a 66% stake in the company on Friday last week.
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 also changed its mind and announced plans to withdraw the offer early, given Bonmarche's poor trading performance. The offer is to close on Friday next week, but remains open until then.
Turning back to director dealings, Chief Executive Officer Helen Connolly sold 42,542 shares at the offer price, worth GBP4,869. Meanwhile, Chief Financial Officer Stephen Alldridge and Senior Independent Non-Executive Director Ishbel Macpherson disposed of 508,910 shares for GBP58,245 and 25,000 shares for GBP2,861, respectively.