- Huw Hughes
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Sir Philip Day’s Dubai-based investment firm Spectre Holdings has
announced it will be de-listing Bonmarché from the London Stock Exchange
after it secured 93 percent of shares in the womenswear retailer.
Day’s firm said that by 12 July, the deadline for its takeover offer, it
either owned or had received valid acceptances under the offer in respect
of a total of 46.5 million Bonmarché Shares, representing approximately 93
percent of the existing issued ordinary share capital of Bonmarché.
Spectre confirmed it would start the processing of cancelling the
listing of Bonmarché shares on the London Stock Exchange. It added that
such a cancellation will take effect no earlier than 12 August 2019.
In April, Day, who owns Edinburgh Woollen Mill, bought a new stake in
Bonmarché via Spectre, giving him a 52.4 percent in the retailer, and by
doing so triggered a mandatory takeover bid. At 11.445p per share, the
offer valued the chain at 5.7 million pounds.
Bonmarché’s board of directors initially urged shareholders to reject
Day’s offer which they said “materially undervalues Bonmarché and its
prospects”. However in June, the company took a U-turn and advised its
shareholders to accept his offer following poor trading in the first
quarter of the financial year.
Bonmarché currently employs approximately 1,900 full-time equivalent
people according to its website and has over 300 stores and concessions
across the UK.
Photo credit: Bonmarché, Facebook
