(Alliance News) - Following an announcement that Hanover Acquisition Ltd is set to acquire over 75% of its market capitalisation, Brady on Thursday said its shares will be cancelled on AIM in the new year.
Hanover Acquisition on Thursday said it has now acquired or agreed to acquire just over 80% of Brady's issued share capital.
Brady said the share cancellation is expected to be effective from January 8. Hanover will seek to re-register Brady as a private limited company.
Brady recommended shareholders who have not already accepted the mandatory offer to do so as soon as possible.
Brady shares were down 0.3% at 17.65 pence in London on Thursday.
By Lucy Heming; lucyheming@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.