SCISYS Group PLC – Scheme Effective18th December 2019
SCISYS is pleased to announce that, further to the announcement dated 17 December that the High Court had sanctioned the Scheme of Arrangement, the Court Order, together with the minute confirming the capital reduction necessary to implement the Scheme, has now been delivered to the Registrar of Companies in Ireland and, accordingly, the recommended acquisition of SCISYS by Bidco has now become effective in accordance with its terms.
Scheme Shareholders are entitled to receive 254.15 pence for every Scheme Share held. Despatch of cheques and crediting of CREST accounts for Consideration due under the Scheme will occur by no later than 14 days from this announcement, in accordance with the terms of the Scheme.
Trading of SCISYS Shares on AIM and Euronext Growth has been suspended from 7:30 a.m. (London time) today and the cancellation of admission to trading of SCISYS Shares on AIM and Euronext Growth will take effect at 7.00 a.m. (London time) on 19 December 2019.
Commenting on the completion of the acquisition, Mike Love, Chairman of SCISYS, said “With the completion of the acquisition of SCISYS by CGI the current directors of SCISYS will be resigning and will be replaced by new directors appointed by CGI. This marks the end of a 40-year epoch during which SCISYS traded as an independent company. Its growth and success over this period has been entirely due to the collective efforts of many individuals. It has been an honour and pleasure to work alongside so many talented individuals during this period. I and all my board colleagues wish to thank each and every one, past and present, in the SCISYS team for their many contributions. We wish the current team and CGI every success going forward.”
Click here for the global CGI.com announcement.