APC Technology Gets Henderson's Acceptance On Green Compliance Offer

LONDON (Alliance News) - APC Technology Group PLC Wednesday said Henderson Global Investors has accepted its all-share bid for Green Compliance PLC, bringing the company closer to securing approval for the deal.

APC said Henderson, which owns a 12.7% stake in Green Compliance, had accepted its offer, bringing the total irrevocable undertakings received by APC in relation to the offer to 48.4% of Green Compliance shares.

APC has already secured acceptances from Rockridge Investments, which holds a 25% stake in Green Compliance, and investor Raymond Horney, who holds a 3.7% stake. It also has the acceptance of the group's directors, including the 6.4% stake held by Chairman Bob Holt.

Green Compliance, the water treatment and hygiene firm, outlined the deal in July, saying its shareholders will be entitled to recieve two new APC shares for each 71 scheme shares. The deal represents a 25.9% discount to Green Compliance's closing share price on July 30, which sent its shares substantially lower when it outlined details of the offer.

APC shares were down 3.3% to 34.345 pence on Wednesday, while Green Compliance shares were down 7% to 1.0 pence.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2014 Alliance News Limited. All Rights Reserved.