SafeCharge acquisition by Nuvei secures Court approval
It is intended that dealings in SafeCharge shares will be suspended from August 1, 2019.
The recommended cash acquisition by Nuvei Bidco of the share capital of SafeCharge International Group Ltd (LON:SCH) has secured the Court’s approval. Today, the Court determined it would grant an order sanctioning the Scheme pursuant to section 110(1) of the Companies Law of Guernsey.
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.
The Scheme will become effective on the Effective Date, which is stated in the Court Order as 12.00 p.m. tomorrow, August 1, 2019.
Today is the last day of dealings in, and registration of transfers of, SafeCharge Shares (other than the registration of the transfer of the Scheme Shares to Nuvei Bidco pursuant to the Scheme) on AIM and no transfers will be registered after the Scheme Record Time. It is also intended that dealings in SafeCharge Shares will be suspended from 7.30 a.m. tomorrow, 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.