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LONDON - Madison Bidco Limited, a consortium-owned company, has confirmed adherence to its previously stated intentions following the acquisition of Velocys (LON:VLSV) PLC, as required by the City Code on Takeovers and Mergers. The confirmation, which aligns with Rule 19.6(c) of the Code, comes exactly one year post the effective date of the acquisition, which was January 17, 2024.
The consortium, comprising funds advised by Lightrock, Carbon Direct Capital, GenZero, and Kibo Investments, had completed the takeover of Velocys, a sustainable fuels technology company, through a court-sanctioned scheme of arrangement. This move was part of a strategic acquisition aimed at enhancing the development of green fuel technologies.
In compliance with the Code's regulations, Madison Bidco has formally communicated to the Panel on Takeovers and Mergers that it has followed through with the plans initially outlined in its December 5, 2023, announcement and further detailed in the Scheme Document released on December 13, 2023. These plans included commitments related to the operational and strategic direction of Velocys after the takeover.
The confirmation ensures transparency and accountability in the takeover process, providing reassurance to stakeholders that the acquiring company has maintained the course of action it committed to during the offer period. It is a standard procedure for an acquirer to state its intentions for the target company during a takeover and to report on the fulfillment of those intentions after a set period.
The London Stock Exchange (LON:LSEG)'s news service, RNS, has distributed this information, which is based on a press release statement. The financial adviser to the Consortium and Bidco, Cavendish Capital Markets Limited, is regulated by the Financial Conduct Authority in the United Kingdom (TADAWUL:4280).
This development marks a significant milestone in the merger process, ensuring that the strategic direction promised to Velocys and its stakeholders has been upheld. Madison Bidco's confirmation demonstrates its commitment to the sustainable growth and development of Velocys under its new ownership.
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