Scheme Of Arrangement Becomes Effective
AO World's acquisition of musicMagpie becomes effective following Court Order; musicMagpie delisting from AIM.
- Consideration per share 9.07 pence
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(a wholly-owned subsidiary of AO World PLC)
SCHEME OF ARRANGEMENT BECOMES EFFECTIVE
The boards of directors of AO World PLC ("AO") and musicMagpie PLC ("musicMagpie") are pleased to announce that, following delivery of the Court Order to the Registrar of Companies today, the scheme of arrangement between musicMagpie and the Scheme Shareholders under Part 26 of the Companies Act (the "Scheme") to implement the recommended cash acquisition of the entire issued and to be issued share capital of musicMagpie by AO Ltd ("AO Bidco"), a wholly owned subsidiary of AO (the "Acquisition") has become effective.
Full details of the Acquisition are set out in the scheme document published by musicMagpie on 28 October 2024 (the "Scheme Document"). Capitalised terms used in this announcement shall, unless otherwise defined, have the same meanings as set out in the Scheme Document. All references to times in this announcement are to London time unless stated otherwise.
Cancellation of admission of the musicMagpie Shares to trading on AIM
Admission of musicMagpie Shares to trading on AIM was suspended with effect from 7:30 a.m. today, 12 December 2024. Following application by musicMagpie to the London Stock Exchange, the cancellation of admission of the musicMagpie Shares to trading on AIM is expected to take effect at 7:00 a.m. tomorrow, 13 December 2024.
Settlement of Consideration
Under the terms of the Scheme, Scheme Shareholders on the register of members of musicMagpie at the Scheme Record Time, being 6:00 p.m. on 11 December 2024, are entitled to receive 9.07 pence in cash for every Scheme Share held. Cheques will be dispatched to Scheme Shareholders holding Scheme Shares in certificated form, and the CREST accounts of Scheme Shareholders holding Scheme Shares in uncertificated form will be credited, within 14 days of today's date.
Board Changes
As the Scheme has now become Effective, musicMagpie announces that, as of today's date, Martin Hellawell and Dave Wilson have both tendered their resignations and stepped down from the musicMagpie board.
AO
| Mark Higgins, Chief Financial Officer | +44 (0)1204 672400 |
| Jefferies International Limited (Financial Adviser and Corporate Broker to AO) | +44 (0)20 7029 8000 |
| Philip Noblet Thomas Bective Jordan Cameron | |
| Sodali (PR Adviser to AO) Rob Greening | +44(0) 20 7250 1446 ao@sodali.com |
Addleshaw Goddard LLP is acting as legal adviser to musicMagpie in connection with the Acquisition.
Disclaimers
Overseas jurisdictions
Dealing and Opening Position Disclosure requirements
Requesting hard copy documents
General
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.