Adaptimmune stock plunges after announcing Nasdaq delisting plans
LONDON - Petershill Partners PLC (LON:PHLL) announced Thursday that Crown Sigma UCITS plc has reduced its commitment to the company’s proposed $921 million capital return plan.
Crown disposed of 2,685,442 ordinary shares on October 9, following a previous disposal of 1,692,915 shares announced the same day. As a result, Crown’s irrevocable undertaking to vote in favor of the scheme now applies to 5 million shares, representing approximately 0.46% of Petershill’s issued share capital and 2.25% of shares held by free float shareholders.
The capital return proposal, announced on September 25, involves cancellation of ordinary shares through a court-sanctioned scheme of arrangement, along with delisting from the London Stock Exchange and removal from the Official List.
Following Crown’s share disposals, Petershill Partners has received irrevocable undertakings and a non-binding letter of intent to vote in favor of the scheme from free float shareholders representing approximately 1.60% of the company’s issued share capital and 7.82% of shares held by free float shareholders.
The full terms and conditions of the capital return and delisting were published in a scheme circular on October 7, according to the company’s statement.
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