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Friars 716 Offer For SWP Group Declared Unconditional

Thu, 13th Oct 2016 08:07

LONDON (Alliance News) - Industrial product supplier SWP Group PLC said Thursday that a cash offer to acquire the company made by its management team, via the private firm Friars 716 Ltd, has been declared unconditional.

SWP said that Friars has agreed to acquire or received valid acceptances of its offer for approximately 89% of the company's shares. The offer closes on Thursday and Friars has requested the SWP directors to apply for the cancellation of the company's shares to trading on AIM and to re-register SWP as a private limited company.

SWP recommended the 9.00 pence a share cash offer in September, which values the company at approximately GBP18.3 million.

Shares in SWP were down 1.9% at 8.71p Thursday.

By Adam Clark; adamclark@alliancenews.com