Styles&Wood Group’s combination with Central Square Holdings receives formal shareholder approval
In December 2017, Styles&Wood Group plc (S&W), the integrated property services and project delivery specialist, announced that it had reached agreement with Central Square Holdings Limited (CSHL) on the terms of a recommended all cash offer to acquire the entire Ordinary Share capital of the company. When offers are received by quoted companies, shareholders of the business are requested to cast a vote to endorse the proposed Scheme of Arrangement.
Today, at the Court Meeting held at S&W’s offices in Manchester, the required majority of shareholders voted to approve the transaction. This means that shares in S&W will soon cease to be traded on the London Stock Exchange. The Group will then be delisted from the Alternative Investment Market (AIM) and this is expected to take place on 9 March 2018, after which S&W will become part of the Central Square Holdings Group, along with the Southerns Group.
CSHL currently holds a 25% equity interest in the Southerns Group, and entered into a share purchase agreement to purchase the remaining 75% conditional on the S&W scheme becoming effective. Leeds based Southerns Group is a leading furniture, fixtures and equipment (FF&E) and interior specialist.
Combining forces with Southerns through CSHL opens a new chapter for S&W, bringing significant growth opportunities and establishing an enlarged group, with enhanced capabilities across the full spectrum of support services to the built environment.
Tony Lenehan, Chief Executive of Styles & Wood, commented:
“Today formally marks the beginning of an exciting new chapter for Styles&Wood Group and its people, customers, business partners and broader stakeholders. This transaction will create an enlarged business committed to the creation of a best in class offer within the property services market with a true end-to-end capability, which will significantly enhance the breadth of services offered to existing and new customers of the Group.”