ICM acquisition progressing

Phoenix IT Group has published a stock market statement which says that as at 3pm on 25 May 2007, the first closing date of its offer for ICM, valid acceptances had been received in respect of 81.41 percent of the issued ordinary share capital of ICM. As a result the board of Phoenix says that it is “pleased to announce that the acceptance condition of the offer has been satisfied and that the offer is unconditional as to acceptances.” Phoenix has also announced that all other conditions of the offer have been satisfied or waived and therefore it is declaring the offer wholly unconditional.

The statement explained the next steps in the acquisition process, saying:

“As and when Phoenix receives acceptances which, together with other ICM Shares acquired, represent 90 percent or more of the ICM shares to which the offer relates, Phoenix intends to apply the provisions of sections 974 to 991 (inclusive) of the Companies Act 2006 to acquire compulsorily the outstanding ICM Shares to which the Offer relates.

“Given that the offer has been declared wholly unconditional, Phoenix hereby gives notice that it intends to procure that ICM makes applications to cancel the listing of ICM Shares on the Official List and to cancel the trading in ICM shares on the London Stock Exchange's main market for listed securities. It is anticipated that cancellation of listing on the Official List and of admission to trading on the London Stock Exchange's main market for listed securities will take effect 20 business days after the date hereof, being 26 June 2007.”

•Date: 29th May 2007 • Region: UK •Type: Article •Topic: BC markets
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