Listed firm Ince’s acquisition of corporate adviser and stockbroker Arden has surmounted another hurdle after the Financial Conduct Authority (FCA) extended its approval of the takeover.
In January, the FCA approved the deal – under which Ince will buy the entire share capital of Arden, whose shareholders voted overwhelmingly to approve the acquisition earlier this year – subject to its completion within three months from 20 January.
Both companies today announced that the FCA has agreed to extend its approval of the change of control until 28 April, meaning that ‘all required regulatory approvals have been received or waived’. A court hearing to sanction the takeover will take place on 27 April, the companies said.
Arden added: ‘It is expected that the last day for dealing in Arden shares will be 27 April 2022 and cancellation of admission to trading of Arden shares on [the Alternative Investment Market] will be 7am on 29 April 2022. It is expected that admission of the new Ince shares will occur at 8am on 29 April 2022.’
The takeover appeared to be in jeopardy earlier this month after the London Stock Exchange (LSE) did not approve Arden’s application for nominated adviser status in the event the deal took place.
A condition of the deal was that the LSE had to decide Arden remained eligible to act as a nominated adviser in accordance with Alternative Investment Market rules following the change of control, but Arden’s application for approval was rejected by the stock exchange. However, last week both companies said that Ince’s board had decided to waive the condition and that the firm ‘intends to complete the acquisition’.
Shares in Ince Group plc fell by 8% to 23p on this afternoon’s news while Arden’s shares were unmoved at 15.5p.
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