LONDON (Alliance News) - Entrepreneur Peter Jones must make a takeover over for Expansys after Wednesday upping his stake in the online smartphone and laptop seller to 50.92%.
Under stock market rules, Jones, who is Expansys' non-executive deputy chairman, must make an offer for the remaining shares of the company, along with Non-Executive Director Stephen Vincent, who according to the takeover panel is working with Jones.
Their combined stake stands at 53.14% of the company's shares.
Jones, who is known as a panelist on BBC television programme Dragon's Den, must offer 0.525 pence per Expansys share, valuing the company at GBP6.1 million - the third biggest deal on AIM so far this year.
Jones' financial adviser, WH Ireland, estimated that full acceptance of the offer would require Jones to pay about GBP2.9 million in cash.
The offer price was set at 0.525 pence because that is the highest price Jones has paid for Expansys shares in the past 12 months.
The takeover code says that if a shareholder who owns at least a 30% stake in a company - and doesn't own over 50% - acquires any further shares, he must make a cash offer for the remaining shares held by other investors.
On Wednesday, Jones acquired about 110.3 million shares - a 9.49% stake - in Expansys, which resulted in his owning a clear majority of the shares.
He previously held 41.43% of the company's shares.
Expansys shares Wednesday closed at 0.57 pence, up 0.105 pence, or 22.6%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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