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Astaire Group
- BY: Andrew Hore |
- POSTED: 22/04/2010 |
- COMMENTS: Add yours
Astaire Group has declared its offer for fellow Aim-adviser Hoodless Brennan unconditional as to acceptances.
Astaire has received acceptances of 99.85% of the HB share capital. Astaire had given HB shareholders the chance to withdraw acceptances when it announced that its subsidiary Rowan Dartington had “potentially irrecoverable debtor balances of up to £1.4m”. Now that the offer is unconditional as to acceptances it means that acceptances can’t be withdrawn any more. The offer remains open until 1pm on 5 May.
Astaire still requires FSA approval to take control of HB but the financial uncertainty at Astaire could hamper its ability to gain this approval.
On 13 April, shares in Astaire were suspended at 3p each, which values the company at £6.22m.
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