Consortium To Take InternetQ Private After Offer Goes Unconditional

LONDON (Alliance News) - A trio of investors comprising of hedge fund Toscafund Asset Management LLP, UK mid-market private equity investor Penta Capital LLP and InternetQ Founder-Chief Executive Panagiotis Dimitropoulos have acquired 81% of the issued share capital of InternetQ PLC, and will be applying to the London Stock Exchange for the cancellation of its listing on AIM, Toscafund said Wednesday.

The hedge fund said the consortium holds and has valid acceptances for 32.4 million shares in AIM-listed InternetQ, meaning they own more than the 75% of issued share capital needed to approve delisting.

Toscafund said the group will be making an unconditional cash offer for the remaining share capital at a price of 180 pence per share, adding that shareholders who have not accepted the offer are "encouraged to so do as soon as possible".

If the three investors acquire 90% or more of the shares, they intend to exercise the right to compulsorily acquire the remaining InternetQ shares, Toscafund said. The consortium intends to re-register InternetQ as a private limited company following the cancellation of shares.

Shares in InternetQ closed 0.1% up at 179.72 pence on Wednesday.

By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland

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