Central Bank of Cyprus approves acquisition of SafeCharge by Nuvei
After the satisfaction of this condition, SafeCharge confirms that the Court Hearing for the sanction of the scheme of the deal will take place on July 31, 2019.
The recommended cash acquisition by Nuvei Bidco of the share capital of SafeCharge International Group Ltd (LON:SCH) has received the approval of the Central Bank of Cyprus. The relevant condition to the acquisition has now been satisfied.
The acquisition, which was initially announced in May this year, is to be effected by means of a scheme of arrangement under Part VIII of The Companies (Guernsey) Law, 2008. Under the terms of the acquisition, SafeCharge shareholders will be entitled to receive $5.55 in cash for each SafeCharge share. The price of $5.55 for each SafeCharge Share, being equivalent to £4.36 per SafeCharge Share based on the Announcement Exchange Rate, represents a premium of approximately 25% to the Closing Price of £3.50 per SafeCharge Share on May 21, 2019.
SafeCharge today confirms that the Court Hearing for the consideration and sanction of the Scheme by the Court will take place at The Royal Court of Guernsey, St James St, Guernsey GY1 2PF at 2.30 p.m. on July 31, 2019.
The completion of the deal remains conditional on the sanction of the Court and the satisfaction or, where applicable, the waiver of the other Conditions. Should the Court sanction the scheme, the scheme of the deal is expected to become effective on August 1, 2019.
The last day of dealings in, and registration of transfers of, SafeCharge Shares on AIM is expected to be on July 31, 2019 and no transfers will be registered after the Scheme Record Time, which is expected to be 6.00 p.m. on July 31, 2019. It is also intended that dealings in SafeCharge Shares will be suspended on August 1, 2019.
SafeCharge has made an application to AIM for the cancellation of the admission to trading of SafeCharge Shares on AIM, which is expected to take effect at 8.00 a.m. on August 2, 2019.