Shareholders vote to take Nottingham firm private

SourceBio International, the Nottingham-based provider of laboratory services, will be taken private just before New Year’s Eve, after shareholders voted through the motion at a company General Meeting.

The move, first mooted in November, was passed by an overwhelming majority of shareholders at the meeting, held at midday on Tuesday December 20.

SourceBio says the move will save it around £600,000 a year and comes after claims made back in November by the company’s board that it was unable to raise funds at what it believed to be a “fair valuation”. The directors also said, as a private company, the would be able to command a much higher valuation for the business on eventual exit, which would serve “in the best interest” of shareholders.

Stakeholders in the firm will receive 115p per share as part of the move, costing the newly-private company £6.9m.