Aquis today provided an update on the proposed acquisition offer for Aquis Exchange PLC by Six Exchange Group AG.
Aquis and Six have confirmed that all the conditions related to receipt of antitrust and regulatory approvals have now been satisfied or (where it is capable of resigning).
The system remains subject to certain other conditions, including, inter alia, penalties by the court at the hearing of sanctions and the delivery of a copy of the judicial order to the secretary of the companies.
The ratification hearing is scheduled to take place on June 30, 2025.
Without prejudice to the system that receives the ratification of the Court during the hearing by ratification, the delivery of a copy of the judicial order to the secretary of the companies and the satisfaction (or, where appropriate, the resignation) of the other general terms set out in Part III of the Document of the Draft, the plan is expected to be valid on 1 July.
On the last day of transactions and for the registration of transport, Aquis shares is therefore expected to be June 30, 2025, with all ABS transactions suspended from 7:30 am. on July 1, 2025. It is also expected that the entry into AIC shares and ABS Exchange will be canceled from 7:00 to 2 July 2025.
Under the terms of the offer, each specialty shareholder will be entitled to receive 727 cash pennies for each Aquis share.
Cash provides value for Aquis Premium shareholders about:
- 120% on the closing price of 330 pennies per Aquis share on November 8, 2024 (which is the last day of trading before the start of the offer period).
- 68% at the average price of six months of 433 pennies per share against November 8, 2024 (which is the last day of trading day before the start of the bid period).
- 76% in the nine -month volume weighted average 413 pens per share against November 8, 2024 (which is the last day of trading before the start of the offer). and
- 45% at the highest closure price per share Aquis 500 pennies during 12 months before November 8, 2024 (which is the last day of trading before the bidding period).
The bid estimates the total issued and will be issued by ABS equity at about £ 207 million (using the Treasury stock method for shares) and £ 225 million on a fully diluted basis and entails a business value of about 194 million pounds.