8:56 am, May 16, 2022
The date has been revealed for when Marshall Motor Holdings will leave the London Stock Exchange following its takeover by Constellation.
An announcement was made this morning (May 16), following the news last week that the £325m bid by the owner of BCA and Cinch had at last been granted approval by the Financial Conduct Authority.
The 40op-per-share offer for the 64.4 per cent majority shareholding by the Marshall family via Marshall of Cambridge (Holdings) Ltd to take Marshall private was originally announced last November.
It came just three days after a statement reacting to speculation about Constellation’s interest in Marshall was released, initially valuing the company at £323m.
It caught everyone by surprise, not least Marshall’s board and CEO Daksh Gupta, and the sale of the family shares and a few others triggered further buybacks.
Now it’s all signed, sealed and delivered, with Constellation subsidiary CAG Vega 2 Ltd owning some 94.77 per cent of the Marshall shares as of May 11.
It has seen Gupta exercising his 912,467 options. Meanwhile, chief financial officer Richard Blumberger has exercised his 399,899 options, company secretary Stephen Jones 156,853, and operations directors Jamie Crowther and Jon Head 156,853 and 149,680 respectively.
In this morning’s announcement to the London Stock Exchange, Marshall Motor Holdings (MMH) said that it expected to stop trading on the stock market as of 7am on June 15.
It added: ‘As soon as reasonably practicable after the cancellation of trading occurs, it is intended that MMH will be re-registered as a private limited company.’
Once that happens, the way will be clear for Constellation to carry out its review of the Car Dealer Top 100 motor group.
Constellation has said it doesn’t intend making any changes to conditions of employment, but whether top people such as Gupta stay remains to be seen.
