This decision comes after the receipt of valid acceptances of the offer totaling more than 75% of the voting rights of Vectura, with 77.57% of the voting rights currently acquired by PMI.
As such, the tobacco company has initiated the request to cancel the listing of Vectura shares on the London Stock Exchange and will re-register Vectura as a limited liability company.
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The company warned that delisting and re-registering the company as a limited liability company “would significantly reduce the liquidity and marketability of all Vectura shares.” He added that reporting and disclosure requirements will also be drastically reduced.
PMI claimed that if investors did not accept the offer by October 19, 2021, they would become minority shareholders of a majority-controlled limited liability company and urged them to accept the offer.
“In addition, there can be no certainty that Vectura would pay further dividends or other distributions to these minority shareholders or that, after the closing of the offer, these minority shareholders of Vectura would have the opportunity to sell their Vectura shares to terms that are equivalent or no less advantageous than those of the offer, ”said PMI.
If PMI receives acceptances of the offer totaling more than 90% of the voting rights, it may acquire the remaining shares on a compulsory basis.
The offer period has been extended to 1:00 p.m. GMT on September 30, 2021.
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