Belluscura bid for TMT Acquisition goes unconditional

Belluscura announced on Friday that the all-share offer for the acquisition of TMT Acquisition had gone unconditional.

The AIM-traded firm said it now owns 24,974,109 TMT Acquisition shares, representing 90.81% of TMT’s issued share capital.

It said the revised offer, as detailed in an offer document on 19 January, would remain open for acceptance until further notice, with 14 days' notice to be given before closure.

As part of the acquisition's completion, the appointments of Paul Tuson and Jonathan Satchell as non-executive directors to the board of Belluscura had become effective.

The cancellation of the admission of TMT Acquisition shares on London’s main market was now underway, and was expected to take effect on 7 March.

Bellscura said the move was expected to significantly reduce the liquidity and marketability of TMT Acquisition shares for shareholders who had not accepted the offer.

Settlement for accepted shares would be completed by 23 February, or within 14 days of further acceptances.

At 1131 GMT, shares in Belluscura were up 8.11% at 20p.

Reporting by Josh White for Sharecast.com.