Lumiere Takeover Offer For FFI Closes After Meeting Approval Threshold

(Alliance News) - Lumiere Acquisitions Co LLC on Friday said it secured valid acceptances in ...

Alliance News 16 August, 2019 | 5:30PM
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(Alliance News) - Lumiere Acquisitions Co LLC on Friday said it secured valid acceptances in respect of 14.5 million FFI Holdings PLC shares, about 9.2%, taking its total stake in the company to 89.3%.

At the end of July, video production firm FFI confirmed it will leave the London Stock Exchange following a takeover by Lumiere. Lumiere, a wholly-owned subsidiary of the 777 Group, earlier July bought 47.5 million FFI shares from FFI Chief Executive Steven Ransohoff and the Crystal Court Trust, a trust of which Ransohoff and his immediate family are the beneficiaries.

These shares were purchased at a price of 24.99 pence each, and following that, Lumiere held 68% of shares, triggering a mandatory takeover offer.

On Friday, Lumiere said it now holds, in aggregate, a sufficient number of FFI shares to meet the 75% approval threshold and complete the takeover. The cash consideration payable will be settled within 14 days from Friday, Lumiere added.

FFI shares closed 2.0% lower on Friday in London at 25.00p each.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
FFI Holdings PLC

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