Network Group Holdings a step closer to becoming a private company
30 March 2012
AIM-listed recruitment and business outsourcing provider Network Group Holdings (NGH) took another step towards becoming a private company by confirming its intention to delist.
Weds, 8 Feb 2012
AIM-listed recruitment and business outsourcing provider Network Group Holdings (NGH) took another step towards becoming a private company by confirming its intention to delist.
In a statement to the London Stock Exchange, the company says: “Further to the statement made by the group on 3 February 2011 regarding the intention to de-list its ordinary shares from trading on AIM, NGH today announces that its admission to trading on AIM will be cancelled with effect from 7am on 5 March 2012 and that in accordance with Rule 41 of the AIM Rules, NGH has notified the London Stock Exchange of the cancellation.“The cancellation follows the announcement by NGH Topco on 3 February 2012 that the recommended cash offer for NGH by NGH Topco has been declared wholly unconditional. This means that the bidding company making the offer had received acceptances of 90% or more of the shares, and all other criteria had been satisfied.”
NGH Topco says it has received in aggregate, letters of intent or irrevocable undertakings to accept the offer shares, representing roughly 91.8% of the offer shares.
On 3 February, the Network Group’s independent directors and the NGH Topco board announced the terms of a recommended cash offer by NGH Topco for the entire issued and to be issued share capital of Network Group Holdings.
NGH Topco said that all the conditions of the offer had been satisfied or waived and the offer therefore declared wholly unconditional.
After the cancellation of trading, NGH will be re-registered as a private company under the relevant provisions of the Companies Act 2006.
AIM-listed recruitment and business outsourcing provider Network Group Holdings (NGH) took another step towards becoming a private company by confirming its intention to delist.
In a statement to the London Stock Exchange, the company says: “Further to the statement made by the group on 3 February 2011 regarding the intention to de-list its ordinary shares from trading on AIM, NGH today announces that its admission to trading on AIM will be cancelled with effect from 7am on 5 March 2012 and that in accordance with Rule 41 of the AIM Rules, NGH has notified the London Stock Exchange of the cancellation.“The cancellation follows the announcement by NGH Topco on 3 February 2012 that the recommended cash offer for NGH by NGH Topco has been declared wholly unconditional. This means that the bidding company making the offer had received acceptances of 90% or more of the shares, and all other criteria had been satisfied.”
NGH Topco says it has received in aggregate, letters of intent or irrevocable undertakings to accept the offer shares, representing roughly 91.8% of the offer shares.
On 3 February, the Network Group’s independent directors and the NGH Topco board announced the terms of a recommended cash offer by NGH Topco for the entire issued and to be issued share capital of Network Group Holdings.
NGH Topco said that all the conditions of the offer had been satisfied or waived and the offer therefore declared wholly unconditional.
After the cancellation of trading, NGH will be re-registered as a private company under the relevant provisions of the Companies Act 2006.
