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Stanley Gibbons makes recommended offer for Mallett

By BFN News | 07:27 AM | Monday 29 September, 2014


Stanley Gibbons and Mallett have reached agreed on the terms of a recommended cash offer to be made by TFAAG, a wholly-owned subsidiary of Stanley Gibbons, for the whole of the issued and to be issued share capital of Mallett. The Offer will be 60 pence per Mallett Share payable in cash, which values the issued and to be issued share capital of Mallett at about £8.6 million. This represented a premium of about 23.7 per cent. to the Closing Price of 48.5 pence per Mallett Share on 26 September 2014 (being the last Business Day prior to the date of this announcement). It also represented a premium of about 11.1 per cent. to the average Closing Price per Mallett Share of approximately 54.0 pence over the three month period ended 26 September 2014 (being the last Business Day prior to the date of this announcement). TFAAG has received irrevocable undertakings to accept the Offer in respect of a total of 10,247,700 Mallett Shares, representing, in aggregate, approximately 74.3 per cent. of Mallett's existing issued share capital. These irrevocable undertakings to accept the Offer demonstrate the support for the Offer from Mallett Shareholders. Included within these irrevocable undertakings are irrevocable undertakings from the Mallett Directors to accept the Offer in respect of their entire legal and beneficial holdings, representing, in aggregate, 24,200 Mallett Shares, representing approximately 0.2 per cent. of the existing issued share capital of Mallett. Story provided by StockMarketWire.com

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