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Court sanctions Aldermore takeover scheme

Tom Belger | 15:21 Tuesday 13th March 2018

Aldermore Group PLC has announced that the court has sanctioned the scheme by which the recommended cash offer for Aldermore by FirstRand International Limited (FirstRand Offeror) is being implemented.

The scheme will become effective upon the court order being delivered to the registrar of companies, which is expected to take place on 14th March 2018.

Trading in Aldermore shares on the London Stock Exchange's main market for listed securities and the listing of Aldermore shares on the official list of the UK Listing Authority will be suspended from 7.30am on 14th March 2018 and the listing of Aldermore shares will be cancelled from 8am on 15th March.

Aldermore confirmed takeover talks with FirstRand in October last year.

FirstRand had been assessing opportunities to build a sustainable long-term deposit franchise to fund its strategy to grow and diversify the revenue of its current UK business.

In November, it was revealed that the Aldermore board was to recommend the £1.1bn cash offer made by FirstRand Offeror for the entire issued and to be issued ordinary share capital of the specialist bank.

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