Montreal-based payment technology company Nuvei has just confirmed that the UK’s Financial Conduct Authority has approved the proposed change in control of SafeCharge Financial Services Limited and, as such, the relevant condition to the Acquisition has now been satisfied.
LeapRate reminds that back in May 2019 Nuvei announced an all cash offer to acquire the entire issued and to be issued ordinary share capital of payments services and technologies provider SafeCharge International Group Ltd (LON:SCH) for US$5.55 per ordinary share, valuing SafeCharge’s fully diluted share capital at approximately US$ 889 million (CA$ 1.19 billion or £699 million at the announcement exchange rate) (the “Acquisition”).
The Scheme remains conditional on the approval of SafeCharge Shareholders at the Court Meeting and the General Meeting to be held on 17 July 2019, regulatory clearance from the Central Bank of Cyprus, the sanction of the Court and the satisfaction or, where applicable, the waiver of the other Conditions (as set out in the Scheme Document). The Scheme is still expected to become Effective in this third quarter of 2019.
The last day of dealings in, and registration of transfers of, SafeCharge Shares (other than the registration of the transfer of the Scheme Shares to Nuvei Bidco pursuant to the Scheme) on AIM is expected to be on the last Business Day before the Effective Date and no transfers will be registered after the Scheme Record Time, which is expected to be 6.00 p.m. on the last Business Day before the Effective Date. It is also intended that dealings in SafeCharge Shares will be suspended on the Business Day following the Scheme Record Time. SafeCharge will make an application to AIM for the cancellation of the admission to trading of SafeCharge Shares on AIM, which is expected to take effect at 8.00 a.m. on the Business Day following the Effective Date.
The above times and dates are based on SafeCharge’s current expectations and may be subject to change.