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LONDON - National World plc and Media Concierge have announced the receipt of regulatory approval from the Minister for Media in the Republic of Ireland for the proposed acquisition of National World by Neo Media Publishing Limited, a subsidiary of Media Concierge. This approval, received on May 7, satisfies one of the key conditions for the acquisition, which is set to be completed through a scheme of arrangement under Part 26 of the Companies Act 2006.
The court sanction hearing for the scheme is scheduled for May 22, 2025, marking a significant step towards finalizing the transaction. If the court approves, the last day for dealings in National World Shares will be May 23, followed by the suspension of dealings on May 27, and the effective date of the scheme is expected to be the same day. The delisting and cancellation of National World Shares from trading are anticipated by 8.00 a.m. on May 28.
Shareholders of National World should expect the dispatch of cheques and crediting of cash consideration due under the scheme within 14 days following the effective date. The acquisition must be implemented by 11.59 p.m. on June 18, 2025, as per the long stop date set by the parties.
The announcement confirms that the acquisition’s terms are final and will not be increased unless a third party proposes a superior offer for National World. This condition aligns with Rule 2.5(a)(ii) of the Code governing such transactions.
This update is based on a press release statement and provides shareholders and the market with the latest information regarding the acquisition timeline and conditions. National World made the announcement with the consent of Media Concierge, ensuring transparency and compliance with regulatory requirements.
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