Business
Update re Tern General Meeting & Lapsing of Scheme
Update re Tern General Meeting & Lapsing of Scheme.
About this update from Tern Plc
[{"type":"text","content":"\n \n \n \n NOT 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 \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n 21 July 2022\n \n \n \n Recommended All-Share Offer\n \n \n \n \n for\n \n \n \n \n Pires Investments plc (\n \n \n \"\n Pires\n \n \n \"\n )\n \n \n \n \n by\n \n \n \n \n Tern plc (\n \n \n \"\n Tern\n \n \n \"\n )\n \n \n \n \n to be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006\n \n \n \n \n Update re. Tern General Meeting and Lapsing of Scheme\n \n \n \n On 1 June\n 2022\n , it was announced that the Tern Directors and Pires Directors had reached agreement on the terms of a recommended all-share offer by Tern for the issued and to be issued share capital of Pires, to be effected by means of a court-sanctioned scheme of arrangement (\n the \"Scheme\"\n ) between Pires and Pires Shareholders under Part 26 of the Companies Act 2006 (the \"Acquisition\")(the \"2.7 Announcement\").\n \n \n On 28 June 2022\n , it was announced, inter alia, that\n the scheme document in relation to the Scheme (the \"Scheme Document\") would be published and posted to Pires Shareholders (other than to Pires Shareholders in certain Restricted Jurisdictions) on that date. The Scheme Document contained notices of the Court Meeting and the General Meeting to be held at 11.00 a.m. and 11.10 a.m., respectively, today. Also on\n 28 June 2022\n ,\n it was announced that a circular (the \"Circular\") would be\n published and sent to Tern Shareholders.The Circular contained a notice of the Tern General Meeting to be held at 11.00 a.m. today. \n \n \n Earlier today, Pires convened the Court Meeting and General Meeting in connection with the Acquisition. Tern notes the announcement by Pires that the voting at both the Court Meeting and General Meeting did not meet the requirements in order for the Scheme to be approved. \n \n \n The Tern General Meeting was convened at 11 a.m. this morning and then adjourned to a time and date to be announced via the Regulatory News Service. In the light of the above announcement by Pires, the Tern General Meeting will not be reconvened.\n \n \n According...