The Restaurant Group PLC (LON: RTN) shares stopped trading on the London Stock Exchange today after the scheme of arrangement announced by TRG and Bidco on October 12, 2023, came into effect after the Court of Session in Edinburgh officially approved the Plan at yesterday’s Sanction Hearing.
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The directors of TRG and Bidco mutually agreed upon a definitive cash offer by Bidco for the acquisition of all existing and future ordinary shares of TRG. The acquisition was to be executed through a court-approved arrangement plan under Part 26 of the Companies Act.
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The detailed circular about the Plan, including the comprehensive Acquisition specifics, was released on November 2, 2023. Unless specified otherwise, the capitalised terms in this announcement have the meanings as defined in the Plan Document.
On November 27, 2023, most Plan Shareholders voted in favour of the Plan at the Court Meeting. At the General Meeting, most TRG Shareholders voted to adopt the Special Resolution to execute the Plan, which included modifying TRG’s articles of association.
TRG is delighted to declare that, after submitting the Court Order to the Registrar of Companies, the Plan has been effectively enacted in line with its terms. Consequently, Bidco now wholly owns TRG’s issued and forthcoming share capital, as per the Plan.
The trading and listing of TRG Shares on the Financial Conduct Authority’s Official List (“Official List”) and the London Stock Exchange’s main market for listed securities (“Main Market”) were halted as of 7:30 a.m. today.
Requests have been submitted to the Financial Conduct Authority and the London Stock Exchange to remove the TRG Shares from the premium listing on the Official List and from trading on the Main Market. These cancellations are anticipated to be effective by 8:00 a.m. on December 22, 2023.
In line with the Acquisition terms, a Plan Shareholder listed in TRG’s member register at the Plan Record Time, 6.00 p.m. on December 20, 2022, will receive 65 pence in cash for each held Plan Share.
Restaurant Group share price.
Shares of the Restaurant Group Plc stopped trading on the LSE today after the scheme came into effect.
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