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LONDON - Planmatics Limited announced today it has received additional shareholder support for its possible takeover of Empresaria Group plc (AIM:EMR), bringing total backing to 60.30% of the staffing firm’s issued share capital.
Ophorst Van Marwijk Kooy Vermogensbeheer N.V. signed a non-binding letter of intent on July 2 to support the possible offer, pledging its entire holding of 1,638,328 ordinary shares, representing approximately 3.29% of Empresaria’s issued ordinary share capital.
The possible offer, first announced on May 7, comes from a consortium comprising Peter Gregory, Nigel Marsh and Ashok Vithlani. The proposal values Empresaria shares at 60 pence each, with 10 pence payable in cash at completion and the remaining 50 pence to be settled in unsecured loan notes redeemable on the third anniversary of completion. These loan notes would accrue an annual interest rate of 2.6%.
This latest commitment adds to previously announced irrevocable undertakings and letters of intent, bringing total shareholder support to 30,060,177 ordinary shares.
The possible offer remains subject to confirmation of funding and completion of due diligence. It may be implemented either through a court-sanctioned scheme of arrangement or a takeover offer.
CGL (Dubai) Limited is acting as lead financial advisor to Planmatics and the consortium, with OAK Securities also serving as financial adviser.
The announcement was made in accordance with Rule 2.4 of the City Code on Takeovers and Mergers and does not constitute an announcement of a firm intention to make an offer under Rule 2.7 of the Code.
Based on a press release statement, Planmatics indicated further announcements will be made in due course.
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