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Independent Adviser(s): Simmons Corporate Finance
Date of Final Orders: 16/03/2017
Offer Type: Full
Radius Properties Limited (“Radius”) was a Code company with 50 or more shareholders and 50 or more share parcels. Montagu Investment Holding Limited (“Montagu”) held or controlled 54.98% of the voting rights in Radius.
Radius proposed a scheme of arrangement, whereby Radius would undertake a compulsory buyback of all ordinary shares held by the minority shareholders. The scheme would result in Montagu increasing its control of the voting rights in Radius from 54.98% to 100% (the “scheme”).
On 15 November 2016 Simmons Corporate Finance was approved to prepare an independent adviser’s report in respect of the proposed scheme.
The Panel issued a letter of intention for the purpose of the initial High Court orders in respect of the proposed scheme on 20 January 2017. The Panel considered that the standard of disclosure to all shareholders was equivalent to the standard required under the Code, and that the interest classes of shareholders were adequately identified.
On 28 February 2017 the resolution for approving the scheme of arrangement was approved by shareholders in accordance with the Code and with section 236A of the Companies Act 1993.
The Panel provided a final no-objection statement on 2 March 2017, and the scheme plan was approved by the Court on 16 March 2017.
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