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LONDON - Sundae Bar PLC, formerly known as Kondor AI PLC, has officially closed its all-share offer to acquire Ora Technology PLC, marking the completion of the takeover process initiated in March. The offer, which was implemented by way of a takeover offer, concluded at 1.00 p.m. London time today.
The acquisition journey began on March 21, 2025, when Sundae Bar published a circular outlining the terms and reasons for the acquisition, and sought shareholder approval. The offer document provided to Ora shareholders detailed the full terms of the offer and the acceptance procedure.
As of 6.00 p.m. on May 9, 2025, Sundae Bar received valid acceptances for approximately 98.61% of Ora’s issued share capital. This included acceptances from Ora directors, who held around 11.91% of Ora’s share capital, and were bound by irrevocable undertakings to accept the offer.
With the offer now closed, Sundae Bar has initiated the compulsory acquisition process to acquire the remaining Ora shares. Ora shareholders who have not accepted the offer by the expiry date of June 19, 2025, will have their shares automatically acquired, and the corresponding consideration will be held in trust by Ora.
This acquisition has led to Ora becoming a subsidiary of Sundae Bar, forming what is now referred to as the Enlarged Group. In line with this, Sundae Bar has announced its intention to cancel trading of its shares on the AQSE Growth Market and to apply for admission to trading on AIM, effective June 2, 2025.
The information provided is based on a press release statement and represents a significant change in the ownership and market position for both Sundae Bar and Ora Technology.
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