Stockopedia - further comment TODAY23 Jan 2023 10:43
PayPoint (LON:PAY) and Appreciate (LON:APP) - it’s farewell to Appreciate as a listed, standalone business as the shareholders of Appreciate vote to accept the proposed takeover. In the end, only 1 million shares (out of 186 million total outstanding shares) voted to reject the deal.
There are still some conditions to be satisfied but normally these are just a formality, after the FCA and shareholders have both supported the deal. The whole thing is expected to close by the end of March 2023.
I remain intrigued to see if PayPoint can wring some proper synergies out of this takeover. As I said last week, it strikes me as more of an opportunistic bid for a familiar company that had fallen out of favour in the stock market, rather than a truly synergy-driven deal. But we shall see. I do think it’s clever business by PayPoint and it increases the attractiveness of PayPoint shares as a value investment.