Wealth management consolidator AFH has suspended trading in its shares following the postponement of its court meeting and general meeting.
In an announcement on the London Stock Exchange, the firm said: “Trading in the company’s ordinary shares on AIM and trading in the AFH CULS on the International Securities Market will be suspended with effect from 7.30 am today [1 March 2021].
“Trading will remain suspended until the further announcement is released to the market. The company will notify AFH shareholders in due course as to the times and dates on which the meetings as so adjourned will now be held.”
Bid
It is believed that the general meeting was scheduled to approve the proposed £225m ($313m, €260m) takeover bid by US private equity firm Flexpoint.
The acquisition proposal, however, was not welcomed by all the wealth manager’s shareholders, as International Adviser reported in February 2021 that Slater Investments, which owns almost 13% of the company, turned down the offer.
For the M&A deal to go ahead, the firm will need 75% of shareholders to approve the proposal.
IA contacted AFH for a comment, but the firm did not reply in time for publication.
