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Pires Investments PLC - London-based technology-focused investor - and Tern PLC - investor focused on the internet of things - On Thursday say that Pires held a court meeting and a general meeting in connection to its acquisition by Tern, which did not pass the voting threshold needed to approve the takeover.
Say 54% of scheme shareholders voted in favour of the scheme at the court meeting and 54% of Pires shareholders voted in favour of the scheme at the general meeting. Explain the votes in favour did not reach the necessary threshold of 75%. Conclude that certain of the conditions have not been satisfied. Say the scheme has ‘lapsed’ as a consequence.
Consequently, Pires is no longer in an offer period.
Tern says it believes that there are other companies in its network that are capable of further enhancing growth under its ‘stewardship.’ Considers exiting an existing holding before adding further companies to its network to ‘crystalise’ shareholder value. Currently reviews all of its other holdings with a target to achieve a realisation of one or more soon.
Piers agreed to an all-share takeover by Tern to create a larger company with greater scale in early June.
Pires current stock price: 4.17 pence, up 1.8% on Friday
12-month change: down 33%
Tern current stock price: 11.86 pence, down 0.3% on Friday
12-month change: down 35%
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