(Alliance News) - Kape Technologies PLC may soon depart from London's AIM after suitor Unikmind Holdings Ltd said it has secured enough support to push through a delisting.
Unikmind said it has acquired or has agreed to acquire 63% of shares in the digital security software provider. In addition, it has received commitments representing another 13% of Kape shares. It would mean it is on the verge of having control of 76% of Kape stock.
"Once Kape shareholders who have provided irrevocable commitments to accept the increased and final offer do so, Unikmind intends to declare the increased and final offer to be unconditional. Furthermore, Unikmind intends to pass a written resolution in the near future which will result in Kape making an application to the London Stock Exchange for the cancellation of the admission to trading of Kape shares on AIM. As a result of the fact that such a shareholder resolution is able to be passed in writing, this will mean that the delisting is able to be achieved on an accelerated timeline," Unikmind said.
On Thursday Kape received a final cash takeover offer from Unikmind. The new bid valued Kape at USD1.54 billion, up from a previous offer which put a USD1.47 billion valuation on the company.
Kape, despite having reservations about the size of the offer, earlier on Friday warned on the rights of its minority shareholders should Unikmind win enough support to power through a delisting.
"Therefore, notwithstanding the value of the revised offer, the independent directors believe that Kape shareholders should seriously consider accepting the revised offer," Kape said.
"Kape shareholders who anticipate realising greater value in their Kape shares in the future, whilst recognising and being willing to accept the risks associated with remaining as an investor in an unlisted company controlled by Unikmind, may wish to remain as shareholders in Kape."
By Eric Cunha, Alliance News news editor
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