Loungers shareholders approve Fortress acquisition

Published 30/01/2025, 18:02
Loungers shareholders approve Fortress acquisition

LONDON - Loungers (LON:LGRS) plc shareholders have voted in favor of the acquisition by CF Exedra Bidco Limited, a company indirectly owned by funds managed by affiliates of Fortress Investment Group LLC, according to a statement released today. The approval moves the company closer to finalizing the takeover via a court-sanctioned scheme of arrangement, as outlined in the Companies Act 2006.

The scheme of arrangement, initially announced on November 28, 2024, received the necessary majority during both the Court Meeting and the General Meeting held earlier today. At the Court Meeting, 93.47% of the voting Scheme Shareholders approved the acquisition, representing over 80% of the eligible issued share capital. Subsequently, the General Meeting saw a similar level of approval, with 93.52% of Loungers Shareholders voting in favor of the resolution.

The approval of the scheme satisfies two key conditions of the acquisition process. The Court Sanction Hearing, which is the next step in the acquisition, is scheduled for February 7, 2025. If the court sanctions the scheme and other conditions are met or waived, the acquisition is expected to become effective on February 11, 2025.

This transaction will result in Loungers Shares being delisted from trading on AIM, with the last day of dealings set for February 10, 2025. Following the effective date, Loungers will be re-registered as a private limited company.

The completion of the acquisition is still subject to the court’s approval and the satisfaction of other conditions detailed in the Scheme Document. Loungers has confirmed that any changes to the expected timetable will be communicated through a Regulatory Information Service and made available on the company’s website.

The information for this report is based on a press release statement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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