(Sharecast News) - Ince Group updated the market on its disposal of Arden Partners on Tuesday, reporting that it had now received the approval of the Financial Conduct Authority (FCA).
The AIM-traded firm announced on 16 November that it and Zeus Group had reached an agreement for Zeus to acquire the entire issued share capital of its wholly-owned subsidiary, Arden Partners, subject to certain conditions.
"The board of Ince is now pleased to report that, in accordance with section 185 of the Financial Services and Markets Act, the FCA has approved the change of control of Arden upon the completion of the disposal," the board said on Tuesday.
"This approval remains effective subject to completion of the disposal within three months from 30 December, after which an extension will need to be requested.
"Completion of the disposal remains subject to approval from Ince's principal lending bank and no material adverse event occurring prior to completion."
At 1322 GMT, shares in the Ince Group were up 3% at 5.15p.
Reporting by Josh White for Sharecast.com.
