Manx Telecom Shareholders Vote In Approval Of Basalt Takeover

Fri, 26th Apr 2019 17:55

LONDON (Alliance News) - Manx Telecom PLC said on Friday shareholders voted in favour of the broadband provider's acquisition by infrastructure investment firm Basalt Infrastructure Partners.

At the court and general meeting, 91% of shareholders voted in approval, while 9.7% voted against the offer.

In March, Manx Telecom said it had accepted an offer from Kelion Bidco Ltd, a newly-incorporated company owned by Basalt, which valued Manx Telecom at GBP255.9 million.

Shareholders will receive 215 pence in cash under the offer, with 207.1p representing the offer price, with shareholders also entitled to a 7.9p interim dividend, announced in Manx Telecom's interim results.

The 215p offer represents a 31% increase over Manx Telecom's share price in the three months to March 12, being the last business day before the date of the offer.

The scheme is now conditional on being sanctioned by the court at the hearing on Friday next week.

Shares in Manx Telecom closed 0.1% lower at 214.30p on Friday.

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