Mishcon de Reya is advising AIM-company Hayward Tyler Group PLC (HTG) in respect of a recommended takeover offer to acquire all of its shares made by Avingtrans PLC (Avingtrans), another engineering company trading on AIM.
In an entirely share for share consideration, the shareholders of HTG will receive one ordinary share in Avingtrans for every 4.755 ordinary shares held by them in HTG. The takeover is expected to result in shareholders of HTG owning 37.6 per cent of the share capital of Avingtrans, as enlarged by the issue of the consideration shares.
The takeover is to be effected via a scheme of arrangement in the Isle of Man courts and is expected to complete at the end of August 2017, subject to HTG shareholder and court approvals.
As a result of its size, the takeover also constitutes a reverse takeover for Avingtrans under the AIM Rules. Accordingly, Avingtrans is required to seek the approval of its shareholders for the takeover at a general meeting and publish an admission document in connection with the re-admission of Avingtrans, as enlarged by the takeover of HTG, on AIM.
The Mishcon de Reya team is comprised of Ross Bryson, Shantanu Sinha, Pippa Williamson and Hannah Laszlo, with support from Stephen Diosi, Gary Richards and Jennifer Anderson.