Scisys Group Takeover By CGI Given Go Ahead By Court

(Alliance News) - Scisys Group PLC said Tuesday its takeover by CGI Group Holdings Europe Ltd, subsidiary of CGI Inc, has been granted approval by a the High Court of England.

As a result, shares in Scisys will now be cancelled from trading on London's AIM this Thursday.

The court date was delayed until after the UK General Election, held last Thursday.

The reason given for this was because the election would be a key event for the news programming of Scisys's UK media and broadcasting customers, and delaying the completion of the takeover would allow Scisys's operations to give its full attention to the event.

In June, Scisys accepted a GBP78.9 million cash takeover, valuing each share at 254.15 pence, a 25% premium to its closing price of 204.00p the day before the deal was announced.

Shares in Scisys closed 0.8% lower in London on Tuesday at 251.00 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

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