MayAir Shares To Cancel Trading On AIM After Completion Of Takeover (ALLISS)

LONDON (Alliance News) - MayAir Group PLC said on Monday the group's acquisition by Poly Glorious Investment Co Ltd is almost complete after the Royal Court of Jersey sanctioned the scheme of arrangement.

The Malaysia-based air filtration company said the acquisition will become effective from Tuesday after the scheme court order is delivered to the registrar of companies for registration.

MayAir said it made an application to the London Stock Exchange to cancel the trading of its shares on AIM with the effect from Wednesday.

Shares in MayAir Group PLC were suspended earlier on Monday following shareholder approval for the acquisition.

Poly Glorious is to pay MayAir shareholders 120.00 pence per share in cash, a 25% premium to the company's 96.00p closing price on the day before the announcement was made in late January and a 45% premium to its closing price on November 16, when the takeover bid was made.

With approximately 42.0 million shares in issue, the deal values MayAir at around GBP50.4 million.