Proactive Investors - Run By Investors For Investors

Maistro seeks shareholder approval for waiver of rule 9 as concert party aims to increase stake

The AIM-listed firm said as part of a share subscription announced in November the concert party would increase its holding in the firm from 24.4% to 42.1%
The concert party's subscription in the firm forms part of a funding drive aiming to raise £2.2mln

Maistro PLC (LON:MAIS) is seeking shareholder approval to waive obligations under rule 9 of the takeover code as a concert party aimed to increase its stake in the firm.

The AIM-listed firm, which operates a business procurement marketplace, said as part of a share subscription announced in November the concert party would increase its holding in the firm from 24.4% to 42.1%.

READ: Maistro targets £2.2mln in fundraising to fuel expansion and automation drive

Under rule 9 of the takeover code, this would require the concert to make an offer for the company, as when any bidder acquires shares worth between 30% and 50% of the target firm a mandatory bid must occur.

Maistro said its board had agreed to waive this condition subject to the passing of a resolution, known as ‘Whitewash’, by independent shareholders at a general meeting on 29 January.
If the resolution does not pass, the subscription of shares by the concert party would no go ahead, the company said in its circular, although added that it believed the terms of the proposal were “fair and reasonable and in the best interests of the company and Independent shareholders”.

The subscription, which is expected to raise around £1.25mln, forms part of a three-pronged fundraising strategy aimed at raising £2.2mln for Maistro to fund an expansion of its sales and support capabilities as well as automation of its software platform.

In late-afternoon trading Friday, Maistro shares were at 1.3p.

View full MAIS profile View Profile

Maistro Timeline

September 27 2018

Related Articles

Internet address bar
In a February trading update, the firm said it had delivered a “strong” performance in 2018 with revenues for the year expected to be around £42.5mln compared to £24.3mln the year before
Procurement services cogs
October 04 2018
Revenues in the latest half-year rocketed 254.5% to £596,000, more than the entirety of 2017
Cloud computing
January 02 2019
Annualised recurring revenues at the firm rose 3% to £54.8mln in the 12 months to the end of September 2018 compared to the year ago period

© 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