Focus shares cancelled on AIM following takeover

SHARES in Warwickshire financial software supplier Focus Solutions ceased trading on the London Stock Exchange today following the firm’s £42m takeover by Standard Life.

In a statement to the LSE, the company said it had cancelled its listing on the Alternative Investment Market (AIM) following final acceptance of Standard Life’s offer.

Standard Life had earlier said its recommended cash offer for the Leamington firm had been declared wholly unconditional.

Focus will now be re-registered as a private company under the relevant provisions of the Companies Act.

As of last month, less than 5% of Focus shareholders had yet to accept the Standard Life offer.

The LSE statement added: “Focus shareholders who have not accepted the offer should note that cancellation is likely to reduce significantly the liquidity and marketability of Focus shares not acquired under the offer. Once cancellation has taken effect, Focus shareholders will no longer be able to effect transactions in Focus shares on AIM.”

Following the takeover, Focus also announced a series of board changes.  Alastair Taylor has resigned and he has been accompanied by John Streets, Martin Fiennes, Nicholas Habgood, Ronald Whatford and Francis Murray.

Replacing them are Standard Life directors Christian Torkington and Paul Matthews

Focus chief executive Richard Stevenson has said the acquisition represented a great opportunity for his company to enhance its position within the software supply industry.

Standard Life said the takeover was in line with its growth strategy.