Toye SPV secures almost 92% of shares in latest delisting phase

TOYE & Co, Birmingham’s oldest manufacturer, has moved a step nearer its delisting from the Alternative Investment Market with a share buy back by chairman Brian Toye gathering almost 92% of the company’s share capital.

Earlier this summer, Bryan Toye launched an attempt to take a controlling interest in the jewellery and regalia business when he acquired 272,000 shares from Gibraltar-based Harris Rodriguez.

In July, using a special purpose vehicle (SPV) – Bryan Toye Ltd – he had proposed an offer for the share capital based on a price of 35p per share. The move valued the business at almost £787,000.

Toye said he did not believe the business was getting good value from its AIM listing and therefore he intended to take his family’s company private.

The SPV has acquired acceptances for 865,340 Toye shares, representing approximately 38.49% of Toye’s entire issued share capital. Added to its existing shareholding, the SPV and its concert parties now own or have received acceptances in respect of 2,065,234 Toye shares – representing approximately 91.87% of Toye’s entire issued share capital.