Diversis offer for ServicePower goes unconditional

ServicePower Technologies and Diversis issued a joint statement on Tuesday, confirming that Diversis’ bid to take over the entirety of ServicePower had gone wholly unconditional.

The AIM-traded company’s board, alongside the Diversis directors, had announced on 8 December that they had reached agreement on the terms of a recommended cash offer which would see Diversis acquire the entire issued and to be issued share capital of ServicePower at 6p per share.

On 19 December, Diversis posted an offer document to ServicePower shareholders setting out the full terms and conditions of the offer, together with a form of acceptance.

Diversis confirmed on Tuesday that as at 1300 GMT on 9 January 2017, being the first closing date, valid acceptances of the recommended offer had been received in respect of 196,651,166 ServicePower shares, representing 86.4% of the issued share capital of ServicePower.

As a result, Diversis declared the recommended offer unconditional in all respects.

“Since the recommended offer is now wholly unconditional and Diversis has received acceptances in respect of ServicePower shares carrying more than 75% of the voting rights attaching to the issued share capital of ServicePower, in accordance with AIM Rule 41 ServicePower gave notice to the London Stock Exchange for the cancellation of admission to trading of ServicePower shares on AIM and it is expected that cancellation of admission to trading on AIM will take effect on 7 February 2017,” the companies confirmed oin a statement.

“The cancellation of admission to trading of ServicePower shares on AIM would significantly reduce the liquidity and marketability of any ServicePower shares for which the recommended offer is not accepted.

“Once cancellation has taken effect, ServicePower shareholders will no longer be able to effect transactions in ServicePower shares on AIM.”