Carpetright Acquistion Completes; Non-Executives Step Down

On 15 November 2019, the boards of Carpetright and MHL announced that they had reached agreement on the terms of a recommended cash acquisition pursuant to which MHL would acquire the entire issued and to be issued ordinary share capital of Carpetright (save for the Excluded Shares) (the "Acquisition").  The Acquisition is being implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme").

On 21 January 2020, Carpetright and MHL announced that the Court had sanctioned the Scheme.

Carpetright and MHL are pleased to announce that the Scheme has now become Effective in accordance with its terms.

Dealings in Carpetright Shares were suspended with effect from 7:30 a.m. (London time) today.  Applications have been made to the UK Listing Authority and the London Stock Exchange in relation to the delisting of Carpetright Shares from the Official List and the cancellation of the admission to trading of Carpetright Shares on the main market for listed securities of the London Stock Exchange, which are expected to take place at 8:00 a.m. (London time) on 24 January 2020.

Under the terms of the Scheme, holders of Scheme Shares are entitled to receive five pence for each Scheme Share held at the Scheme Record Time (6:00 p.m. (London time) on 22 January 2020).  The latest date of despatch of cheques and settlement through CREST of the consideration in relation to the Acquisition is 6 February 2020.

As the Scheme has now become effective, Carpetright announces that its non-executive directors, Bob Ivell, Jemima Bird, Pauline Best and David Clifford, have tendered their resignations and will step down from the Board effective from today's date [23rd January].

Full details of the Acquisition are set out in the Scheme Document.

Carpetright is no longer in an "offer period" as defined in the Code and accordingly the dealing disclosure requirements previously notified to Carpetright Shareholders no longer apply.

Learn more about the acquisition, here. 

Source : Carpetright

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