LONDON - musicMagpie PLC, a re-commerce company specializing in refurbished consumer technology, is set to be acquired by AO Ltd, a wholly-owned subsidiary of online electrical retailer AO World PLC. The acquisition follows the sanctioning of a scheme of arrangement by the Court on December 10, 2024, under Part 26 of the Companies Act.
As part of the acquisition process, significant option exercises have taken place. Steve Oliver and Ian Storey, both key management personnel at musicMagpie, exercised options for 2,653,853 and 1,535,372 shares respectively. Additionally, four other individuals exercised options for a combined total of 4,415,684 shares. These shares will be transferred from the musicMagpie Employee Benefit Trust, which will subsequently hold no beneficial shares.
In conjunction with these transactions, unvested options under the musicMagpie Long Term Incentive Plan have now vested following the Court's approval of the scheme. This has resulted in cash settlements for Steve Oliver, Matthew Fowler, and Ian Storey, who held options for 700,000, 400,000, and 500,000 shares respectively. The cash payment is equivalent to the value of the shares at the offer price, minus the exercise price and applicable deductions.
The effective date of the scheme is expected to be December 12, 2024, with today marking the last day of dealings in musicMagpie shares. Trading of the company's shares on AIM will be suspended starting 7:30 a.m. on December 12, 2024, and, subject to the scheme's effectiveness, will be cancelled at 7:00 a.m. on December 13, 2024.
This strategic move is subject to the terms outlined in the Scheme Document, and further announcements will be made once the acquisition is finalized. It is important to note that the information provided here is based on a press release statement.
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