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LONDON - Planmatics Limited has secured support from shareholders representing 57.01% of Empresaria Group plc’s (AIM:EMR) issued share capital for its possible takeover offer, according to a statement released Wednesday.
The possible offer, first announced on May 7, would pay shareholders 10 pence per share in cash at completion and an additional 50 pence per share in unsecured loan notes redeemable on the third anniversary of completion. The loan notes would accrue an annual interest rate of 2.6%.
Hendrik M. van Heijst, Beleggingsclub ’t Stockpaert and Stichting Value Partners Family Office have provided irrevocable undertakings to vote in favor of the deal in respect of their combined 14,497,254 ordinary shares, representing approximately 29.08% of Empresaria’s issued share capital.
Additionally, Anthony Martin has signed a non-binding letter of intent supporting the offer regarding his 13,924,595 shares, representing about 27.93% of the company’s issued ordinary share capital.
The irrevocable undertakings will cease to be binding on December 31, 2025, if an offer document is not published within 28 days of a firm intention announcement, if the offer is withdrawn or lapses, or if events occur that allow Planmatics not to proceed with the offer.
Planmatics is controlled by a consortium comprising Peter Gregory, Nigel Marsh and Ashok Vithlani. The possible offer remains subject to confirmation of funding and completion of due diligence.
CGL (Dubai) Limited is acting as lead financial advisor to Planmatics and the consortium, with Oak Securities Limited also serving as financial adviser.
The announcement notes that this does not constitute a firm intention to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers, and there is no certainty that a firm offer will be made.
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