IN BRIEF: Van Elle now owned by Strabag, set for London cancellation

Van Elle Holdings PLC - Nottinghamshire, England-based engineering contractor - Scheme of arrangement for its acquisition by Strabag UK, a subsidiary of Austrian construction firm Strabag SE, becomes effective. Strabag now owns Van Elle’s entire issued ordinary share capital. Non-Executive Chair Frank Nelson resigns from the board, effective immediately, as do Non-Executive Directors David Hurcomb and Charles St John. Shares are suspended from trading in London with effect from 0730 BST, and Van Elle expects their cancellation with effect from 0700 on Tuesday.

Van Elle and Strabag UK announced their agreement on the takeover in early April. Subsequently, at Van Elle’s court and general meetings in late May, the proposal gained more than 99% approval from both sets of shareholders. Strabag is paying 52.3 pence per Van Elle share, valuing the company’s equity at £58.8 million.

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