Billionaire’s investment firm snaffles 93% Bon Marché shares

Spectre, the Dubai-based investment firm owned by billionaire Phillip Day, has secured 93% of Bon Marché shares – triggering a de-listing announcement.

This morning, Spectre announced that by Friday (July 12) – the date it had previously announced as its final day of bidding – either owned, or had received valid acceptances, in respect of a total of 46.5m Bon Marché shares; representing 93% of the company. 

This morning, the firm confirmed its de-listing plans, stating: “Spectre intends to procure that Bonmarché applies for the cancellation of the listing of Bonmarché Shares on the Official List of the UK Listing Authority and for the cancellation of trading of Bonmarché Shares on the Main Market of the London Stock Exchange.

“It is anticipated that such cancellations will take effect no earlier than 12 August 2019.”

Listed Bon Marché has over 300 stores and concessions across the UK and was admitted to AIM in November 2013, moving to a Main Market listing in October 2015.

Spectre first announced its hostile takeover of listed Wakefield-headquartered Bon Marché in April, when the company acquired 52% company shares for £3m. Under takeover rules, it then had to make mandatory offer for the remainder of the company and did so for £2.73m – totalling £5.7m for the struggling retailer.

However, Bon Marché resisted the full takeover offer, stating it “materially undervalues Bon Marché and its future prospects.”

But the firm last month changed its stance, after reporting poor Q1 trading.

Since then, shareholders have sold their stock to Spectre.

Spectre’s initial bid in April followed on from a very tough trading period for Bon Marche, which had issued a profit warning in March – which had followed on from poor Christmas sales.

Day is the owner of The Edinburgh Woollen Mill, Peacocks, Proquip, Austin Reed, Country Casuals, Jaeger and Jacque Vert brands.