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.

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