MayAir Takeover By Poly Glorious Complete, Shares To Cancel Wednesday

LONDON (Alliance News) - Poly Glorious Investment Co Ltd's takeover of Malaysia-based air filtration firm MayAir PLC has been completed after the court in Jersey delivered the scheme court order to the registrar of companies.

MayAir said on Tuesday that the group's acquisition by Poly Glorious was almost complete after the Royal Court of Jersey sanctioned the scheme of arrangement.

MayAir's shares will be cancelled from trading in London on Wednesday, and are currently suspended.

Poly Glorious offered 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.