Business
Court Sanction of Scheme of Arrangement
Court Sanction of Scheme of Arrangement.
About this update from Defi Development Corporation Uk Plc
[{"type":"text","content":"\n\n \n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nFOR IMMEDIATE RELEASE\n \n25 June 2024\nRECOMMENDED ALL SHARE OFFER\n \nfor\n \nCYKEL AI PLC\n \nby\n \nMUSTANG ENERGY PLC\n \nto be implemented by means of a scheme of arrangement\n \nunder Part 26 of the Companies Act 2006\n \n \nCourt Sanction of Scheme of Arrangement\n \nOn 10 May 2024, the boards of Mustang Energy PLC (\"Mustang\") and Cykel AI PLC (\"Cykel\") announced that they had reached agreement on the terms of a recommended all share offer for Mustang to acquire the entire issued and to be issued share capital of Cykel (the \"Acquisition\"). The Acquisition is being implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the \"Scheme\") between Cykel and the Cykel shareholders.\n \nThe Acquisition is classed as a reverse takeover under the Listing Rules, therefore a prospectus (the \"Prospectus\") was published on 23 May 2024 and upon completion of the Acquisition the listing of all existing Mustang shares will be cancelled and applications will be made for immediate admission of the New Mustang Shares (as defined below) for admission to listing on the standard listing segment of the Official List of the FCA and to trading on London Stock Exchange plc's main market for listed securities (\"Admission\").\n \nOn 24 May 2024, Cykel published and posted a circular to Cykel Shareholders (the \"Scheme Document\"), setting out, amongst other things, the background to, the terms of, and the reasons for the Cykel Board recommending, the Acquisition. The Scheme Document also contained, amongst other things, the Scheme and notices of the Court Meeting and the Cykel General Meeting. On the same date, Mustang published and posted a circular to its Shareholders setting out, amongst other things, the terms of, and the reasons for the Mustang Board recommending, the Acquisition, seeking approval of the waiver of Rule 9 of the City Code on Takeovers and Mergers in relation to the Acquis...