LONDON (Alliance News) - Plethora Solutions Holdings PLC saw its shares soar Wednesday morning after announcing that it has reached an agreement in principle to be taken over by Hong Kong-based Regent Pacific Group Ltd.
Plethora shares more than doubled in value on Wednesday morning and were trading at 6.50 pence, one of the best performers in the AIM All-Share.
Under the agreement, Plethora shareholders will receive 15.7 Regent shares for each Plethora share, representing an indicative value of 12.5 pence per Plethora share, valuing the company at GBP102.9 million.
The possible offer represents a premium of 39% to the last share sale conducted by Plethora which was priced at 9p per share on August 29, 2014, and a massive 355% premium to Plethora's closing price of 2.75p per share on November 3.
Regent already owns 30% of Plethora.
"Whilst there can be no certainty that the possible offer will be made, Regent Pacific and Plethora are committed to working towards a recommended offer," Plethora said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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