Field Systems Designs accepts GBP3.1 million FSD Group takeover offer

(Alliance News) - Field Systems Designs Holdings PLC on Tuesday said it has accepted a GBP3.1 million takeover offer from FSD Group Ltd.

Field Systems Designs is a Dorking, England-based company which designs and installs mechanical and electrical services.

Under the terms of the agreement with FSD, shareholders will receive 40.00 pence in cash for each share and a principal amount of 15.00 pence in loan notes.

Field Systems said the total shareholder proceeds represent a premium of 22% to the closing price of 45.00 pence for a Field Systems share last Friday.

Field Systems said following discussions, its independent directors believe that in order for it "to achieve its full potential" it would be better suited to a private company environment.

The firm said its independent directors believe that its listing no longer represents good value for its shareholders.

The directors said "they believe that the acquisition reflects an attractive valuation which will provide... the opportunity to obtain liquidity for [the shareholders] investment and to crystalise the value of their shareholdings with certainty now against an uncertain backdrop".

Field Systems said the acquisition is conditional on the approval of shareholders and a court sanction. It will be put to shareholders at the court and general meetings.

By Michael Hennessey, Alliance News reporter

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