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LONDON - Kinovo plc (AIM:KINO) shareholders voted overwhelmingly in favor of the company's acquisition by Sureserve Compliance Holdings Limited, according to results announced Monday at court and general meetings.
The cash acquisition, which values Kinovo at an undisclosed amount, received support from 98.84% of voting scheme shares at the court meeting, representing 61.33% of total eligible scheme shares. At the general meeting, 98.69% of votes were cast in favor of the special resolution to implement the scheme.
Sureserve Compliance Holdings Limited, an indirect wholly-owned subsidiary of Sureserve Group Limited, confirmed that the financial terms of the acquisition are final and will not be increased unless a third-party makes a competing offer.
The acquisition will be implemented through a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006. The court sanction hearing is scheduled for June 27 at the Royal Courts of Justice in London, with the scheme expected to become effective on July 1.
The deal, first announced on May 14, has now satisfied two key conditions with the shareholder approvals. The remaining conditions include court sanction and delivery of the court order to the Registrar of Companies.
Out of 63,361,315 total voting rights in Kinovo, 39,315,293 scheme shares were voted at the court meeting, with 38,860,319 in favor and 454,974 against.
This information is based on a press release statement issued by Kinovo.
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