hl latest4 Jan 2022 15:40
Napster Group is proposing to sell its main business to a new US based company to be called NM Inc. The deal will involve shareholders receiving 1 NM Inc share for every Napster share held at the close of business on 27 January 2022.
NM Inc will initially be unlisted but plans to seek a listing on the NASDAQ market in the US in the first half of 2023.
You’ll still hold your Napster shares after this, but Napster’s assets will be negligible, and the shares will be delisted from the AIM market on 28 January 2022. If you’d like to sell your Napster shares before the delisting, you’ll need to sell by market close on Thursday 27 January 2022.
If you wish to maintain your holding you need take no action. You should note that following the delisting you may have difficulty selling this investment at a reasonable price and, in some circumstances, it may be impossible to sell it at any price.
The company is also proposing a consolidation to replace every 750 Napster shares with 1 new one. The consolidation is expected to become effective from 26 January 2022. New NM Inc shares will be given to shareholders based on their post-consolidated holding of Napster.
Napster believes that this decision will benefit the company as a large amount of its revenue and business is now concentrated in the US. You can read more about the company’s decision here https://napster.group/public-documents/
Important information for ISA holders only
Under HMRC rules, unlisted Shares are not eligible to be held within a Stocks & Shares ISA. As a result, both the Napster shares and NM Inc shares will need to be removed from your ISA after the delisting. If you hold shares in an ISA we’ll write to you again after the delisting with further details.
If you need any help, please contact us. here is latest statement from HL,just to hand