Business
COURT SANCTION OF THE SCHEME OF ARRANGEMENT
COURT SANCTION OF THE SCHEME OF ARRANGEMENT.
About this update from Property Franchise Group Plc
[{"type":"text","content":"\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\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nFOR IMMEDIATE RELEASE\n \n6 March 2024\n \nRECOMMENDED ALL-SHARE MERGER\n \nOF\n \nBELVOIR GROUP PLC\n \nAND\n \nTHE PROPERTY FRANCHISE GROUP PLC\n \nto be implemented by means of a scheme of arrangement pursuant to Part 26 of the Companies Act 2006 (the \"Act\")\n\nCOURT SANCTION OF THE SCHEME OF ARRANGEMENT\nOn 10 January 2024, the boards of Belvoir Group PLC (\"Belvoir\") and The Property Franchise Group PLC (\"TPFG\") announced that they had reached agreement on the terms of a recommended all-share merger of TPFG and Belvoir (\"Merger\"). The Merger is to be implemented by means of a scheme of arrangement under Part 26 of the Act (\"Scheme\"). A circular in relation to the Scheme was published by Belvoir on 24 January 2024 (\"Scheme Document\").\nCapitalised terms in this announcement, unless otherwise defined, have the same meaning as set out in the Scheme Document.\nFurther to the announcement made on 15 February 2024 confirming that the Scheme, and certain matters relating to its implementation, had been duly approved by the Voting Scheme Shareholders and the Belvoir Shareholders at, respectively, the Court Meeting and the General Meeting, Belvoir is pleased to announce that the High Court of Justice has today sanctioned the Scheme.\nIt is anticipated that the Effective Date of the Scheme will be tomorrow, 7 March 2024, which is when delivery of a copy of the Court Order (together with a copy of the Scheme and all documents required to be annexed thereto (if any)) to the Registrar of Companies is expected to occur.\nThe last day of dealings in, and for the registration and transfer of, and disablement in CREST of, Belvoir Shares is expected to be today, 6 March 2024. The Scheme Record Time is expected to be 6.00 p.m. today, 6 March 2024. An application has been made for the suspension of trading in Belvoir Shares on AIM and such suspension is expected to take effect from 7.30 a.m. tomorrow, 7 March 2024. The cancellation of Belvoir Shares from admission to trading on AIM has also been applie...