Proactive Investors - Run By Investors For Investors

AO World shareholders approve takeover of Mobile Phones Direct

The company said of the shareholders who voted for the proposal at the annual general meeting on Thursday, 99.9% backed the deal
phones
The acquisition still needs FCA approval

AO World PLC’s (LON:AO) proposed £38.1mln acquisition of online mobile phone retailer Mobile Phones Direct Limited has been approved by shareholders.

The company said of the shareholders who voted for the proposal at the annual general meeting on Thursday, 99.9% backed the deal. The number of votes cast represented 68% of the group’s total issued share capital.  

READ: AO World slips as it acquires Mobile Phones Direct but says full year trading will be “more second half weighted”

The acquisition still needs approval by the Financial Conduct Authority.

AO World announced that it had agreed to buy Mobile Phones Direct earlier this month, saying it believes the business would improve its mobile offering, which is currently limited to handsets only.

Shares fell 2.1% to 122p in afternoon trading.

View full AO. profile View Profile

Ao World Timeline

Related Articles

medical imaging graphic
Thu
Here we take a closer look at the imaging and diagnostics firm IQ-AI
drainpipes
May 23 2019
Company is looking for more acquisitions after integration of Metro Rod
H&T
May 21 2019
"The group's performance over the past three years demonstrates the continuing success of our strategy to access more customers and markets," said chief executive John Nichols.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use