Toye moves step nearer delisting as SPV collects 88% of share capital
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 around 88% 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 777,190 Toye shares, representing approximately 34.6% 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 1,977,084 Toye shares – representing approximately 88% of Toye’s entire issued share capital.
The offer to buy the outstanding shares has been extended by a further 13 days until 5pm on September 16, 2014. However, it has said the offer will not be extended beyond this date.
