Countrywide and Connells expect that completion of the deal will take place on 8 March 2021, after the acquisition was yesterday approved by the UK Financial Conduct Authority.
Connells agreed terms to acquire the business at 395 pence per share on 31 December in a cash deal that values Countrywide at about £134m.
The acquisition remains subject to certain other conditions, including the sanction of the scheme by the court at the Scheme Court Hearing and the delivery of a copy of the court order to the Registrar of Companies.
Expected timetable of principle events
All times shown are London times unless otherwise stated. All dates and times are indicative only, are based on Countrywide’s and Connells’ current expectations and are subject to change (including as a result of changes to Court times). If any of the dates and/or times in this expected timetable change, the revised dates and/or times will be notified to Countrywide Shareholders by announcement through a Regulatory Information Service.
|
Event |
Time and/or date |
|
Scheme Court Hearing |
4 March 2021 (1) |
|
Last day for dealings in, and for the registration of transfer of, Countrywide Shares |
5 March 2021 |
|
Scheme Record Time |
6:00 p.m. on 5 March 2021 |
|
Disablement of CREST in respect of Countrywide Shares |
6:00 p.m. on 5 March 2021 |
|
Suspension of dealings in Countrywide Shares |
by 7:30 a.m. on 8 March 2021 |
|
Effective Date of the Scheme |
8 March 2021 (2) |
|
Cancellation of listing of Countrywide Shares |
by 7:30 a.m. on 9 March 2021 |
|
Latest date for despatch of cheques and crediting of CREST accounts for cash consideration due under the Scheme |
by 22 March 2021 |
|
Long Stop Date (3) |
30 June 202 |
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