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LONDON - Natara Global Limited has updated the total number of shares subject to irrevocable undertakings in its recommended cash acquisition of Treatt PLC, according to a regulatory announcement Wednesday.
The number of Treatt shares bound by irrevocable undertakings has decreased from 23,663 to 22,435, representing approximately 0.036 percent of Treatt’s issued share capital. The reduction follows the departure of Ryan Govender, Treatt’s Chief Financial Officer, who stepped down effective September 30.
As a result of his departure, Govender forfeited 1,228 shares held under Treatt Share Plans, representing about 0.002 percent of Treatt’s issued share capital. Govender has retained 1,254 shares, which remain subject to his irrevocable undertaking to vote in favor of the acquisition.
The acquisition, announced on September 8, is being pursued by Natara, a company controlled by funds managed by Exponent Private Equity LLP. The transaction is structured as a recommended cash acquisition for the entire issued and to be issued ordinary share capital of Treatt, to be implemented through a scheme of arrangement under Part 26 of the Companies Act.
Treatt directors had previously provided irrevocable undertakings to vote in favor of the scheme at the Court Meeting and to support resolutions proposed at the General Meeting for their beneficial holdings, representing approximately 0.04 percent of Treatt’s issued ordinary share capital as of September 5.
N.M. Rothschild & Sons Limited is serving as financial adviser to Exponent and Natara for the transaction.
The information in this article is based on a regulatory announcement made by the companies involved.
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