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LONDON - Sundae Bar PLC (formerly Kondor AI PLC) has officially closed its all-share offer for Ora Technology PLC, marking the completion of the acquisition process that began on March 21, 2025. The takeover offer, which was implemented via a compulsory acquisition procedure, has resulted in Sundae Bar owning approximately 98.61% of Ora’s issued share capital as of the last business day before the offer’s closing on Monday.
The acquisition journey started with the publishing of a circular by Kondor to its shareholders, explaining the terms and reasons behind the acquisition and seeking approval for the issuance of Consideration Shares. Ora shareholders were offered 0.9848 Consideration Shares for each Ora Share, as detailed in the Offer Document.
Following the unconditional declaration of the offer on April 16, and the subsequent completion of the acquisition on May 1, Ora became a subsidiary of Kondor, forming the Enlarged Group. On May 7, Kondor changed its name to Sundae Bar PLC.
As of May 9, Sundae Bar had received valid acceptances of the offer in respect of 206,951,468 Ora Shares. This figure includes 25,000,000 shares from Ora’s directors and the same number from persons acting in concert with Sundae Bar. These acceptances allowed Sundae Bar to move forward with the compulsory acquisition procedure to obtain the remaining shares.
Ora shareholders who have not yet accepted the offer will see their shares transferred to Sundae Bar’s name after June 19, 2025, the expiry date for compulsory acquisition notices. The consideration for these shares will be held in trust by Ora.
In line with its expansion, Sundae Bar has also announced its intention to transition from the AQSE Growth Market to AIM, with trading of its enlarged share capital expected to commence on June 2, 2025, under the ticker "SBAR."
The information in this article is based on a press release statement and does not constitute financial advice or an endorsement of Sundae Bar PLC or its acquisition of Ora Technology PLC.
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