Aquis has announced the results of the Court Meeting and General Meeting held earlier today in connection with the proposed acquisition by SIX.
On 11 November 2024, the boards of directors of Aquis and SIX announced that they had reached agreement on the terms of a recommended cash offer to be made by SIX for the entire issued and to be issued share capital of Aquis, to be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act.
Aquis announced today that the requisite majorities of Scheme Shareholders voted in favour of the resolution to approve the Scheme at the Court Meeting; and the requisite majority of Aquis Shareholders voted in favour of the Special Resolutions to implement the Scheme, including the amendments to Aquis’ articles of association, at the General Meeting.
Under the terms of the offer, each Aquis Shareholder will be entitled to receive 727 pence in cash for each Aquis share.
The Cash Consideration provides value for Aquis Shareholders at a premium of approximately:
- 120% to the Closing Price of 330 pence per Aquis Share on 8 November 2024 (being the last trading day before the commencement of the Offer Period);
- 68% to the six-month volume weighted average price of 433 pence per Aquis Share to 8 November 2024 (being the last trading day before the commencement of the Offer Period);
- 76% to the nine-month volume weighted average price of 413 pence per Aquis Share to 8 November 2024 (being the last trading day before the commencement of the Offer Period); and
- 45% to the highest closing price per Aquis Share of 500 pence in the 12-month period prior to 8 November 2024 (being the last trading day before the commencement of the Offer Period).
The Offer values the entire issued and to be issued share capital of Aquis at approximately £207 million (using the treasury stock method for share options), and £225 million on a fully diluted basis, and implies an enterprise value of approximately £194 million.
