Ince Group PLC - legal and professional services firm - On Thursday says shares suspended until a new nominated adviser is appointed. Ince has been informed Arden Partners PLC, a takeover target, is unable to continue as its nomad and had to resign with immediate effect. On Tuesday, Ince said it reached agreement to buy Arden Partners. The deal will see Arden shareholders receive seven Ince shares for each 12 Arden shares they own. Based on Ince's 53 pence closing price on Monday, it valued Arden at GBP10 million. Arden shares rose 2.5% to 25.50p each in London on Friday, giving it a market capitalisation of GBP7.4 million. Under the deal's terms, Arden shareholders will own 22% of enlarged company.
On its suspension, Ince says trading will resume once a new nomad is found. "The company is in discussions with an alternative nominated adviser and a further announcement will be made in due course," Ince adds.
Current stock price: 47.00 pence, suspended
Year-to-date change: up 5.6%
By Eric Cunha; ericcunha@alliancenews.com
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