Ince Group PLC - London-based legal services company - Waives key condition initially needed to proceed with acquisition of corporate adviser and multi-service stockbroker Arden Partners PLC. Ince waives condition that Arden had to be allowed to remain as company's nominated adviser following buy. However, London Stock Exchange rejected Arden's nomad status.
Ince adds: "The board of Ince has notified Arden that Ince has decided to waive the nomad condition to the scheme and that it intends to complete the acquisition. Completion of the acquisition will therefore mean that following the change of control, Arden will no longer be able to provide nominated adviser services. Although this is a significant change, the board of Ince believes that Arden's reputation is primarily built around its ability to raise money for its clients and provide other broking and advisory services, and therefore the loss of its nominated adviser licence should not materially impact Arden's brand and ability to engage new clients nor its ability to provide fund raising and corporate broking services.
Ince current stock price: 24.05 pence, down 14% on Monday
12-month change: down 68%
Arden current stock price: 14.48 pence
12-month change: down 0.1%
By Eric Cunha; ericcunha@alliancenews.com
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