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Investing.com -- Shares of Gusbourne, an English sparkling wine producer, dropped to their lowest-ever level following the company’s announcement that it received a request from its majority shareholder, Michael Ashcroft, to delist from London’s junior AIM.
In late morning European trading, shares were down 15.0 pence, a decrease of 39%, and were priced at 23.0 pence. This represents a 41% decline for the year to date and a 52% drop over the past three months.
The company shared on Monday that it had concluded its strategic review, which began in July, and had also terminated discussions with potential parties over a possible deal. As a result, Gusbourne is no longer in an offer period as defined by the U.K. Takeover Panel.
Gusbourne will adhere to Ashcroft’s request, who holds 66.8% of the company’s shares, and plans to arrange a general meeting to seek approval for the delisting. On July 22, 2024, the company had announced that Ashcroft was considering various options for his shareholding, which could include selling his shares, merging, or capitalizing all or part of his debt.
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