TRADING UPDATES: Cygnus shareholders back Central Asia Metals merger
The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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Eleco PLC - London-based software provider focused on the construction and built environment sectors - Updates on the takeover offer from funds managed by private equity firm Avocet Bidco Ltd, an acquisition vehicle owned by AKKR Fund VII GP LP, itself a buyout fund managed by Accel-KKR. Accel-KKR is a technology-focused private equity firm founded in 2000 by Accel Partners LP and Kohlberg Kravis Roberts & Co. Avocet Bidco's offer comprises 235 pence per Eleco share, valuing Eleco's share capital at around £207.6 million and implying an enterprise value of £192.4 million. The offer represents around 20 times Eleco's annual earnings before interest, tax, depreciation and amortisation. Eleco's adjusted Ebitda for 2025 was £10.2 million. Eleco says the number of Eleco shares subject to irrevocable undertakings and non-binding letters of intent to support the acquisition has fallen to 40.82 million, representing around 48.37% of issued share capital, from 41.54 million or around 49.23%. This follows JO Hambro Capital Management Ltd's sale of 725,000 Eleco shares on September 17, reducing the number of shares subject to its letter of intent to 1.40 million from 2.125 million.
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Central Asia Metals PLC - copper, zinc and lead producer and explorer with operations in Kazakhstan and North Macedonia - Cygnus Metals Ltd shareholders vote in favour of the proposed acquisition by Central Asia Metals. The AUD232 million, or around USD165.8 million, takeover of Perth, Australia-based miner Cygnus was announced in June. Cygnus shareholders are entitled to receive 0.06 new Central Asia Metals shares for each Cygnus share. Central Asia Metals shareholders are expected to own around 70% of the enlarged company. Central Asia Metals Chief Executive Officer Gavin Ferrar says: Today's positive vote by shareholders in Cygnus represents another important step towards completion of the Cygnus transaction, and we look forward to adding Cygnus' high-grade Chibougamau copper-gold project in Quebec to our asset base in due course. We are grateful for the support of both sets of shareholders, which we believe represents an endorsement of our strategy of establishing a balanced portfolio of profitable production, development potential and exploration upside, combined with the financial and technical resources to unlock value, and accessible to shareholders via both London's AIM market and the Toronto Stock Exchange."
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Evoke PLC - Gibraltar-based owner of sports betting and gambling platforms William Hill and 888 - Updates on Bally's Intralot SA's recommended all-share acquisition of Evoke by way of a court-sanctioned scheme of arrangement. Evoke in June agreed to the £243 million offer. The offer will see Evoke investors receive 0.537 of a new Intralot share for each Evoke share, with the new shares being listed on Euronext Athens, valuing Evoke at 52 pence per share. Intralot shareholders have approved resolutions required to implement the acquisition, following Evoke shareholders' approval of the scheme in August. Evoke notes that a number of antitrust and regulatory conditions have also been satisfied. The sanction hearing is expected in the fourth quarter of 2026 or first quarter of 2027.
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Jardine Matheson Holdings Ltd - Hong Kong-based holding company with interests in retail, property, hotels and motor dealerships - Chief People Officer Raymond Co buys 1,200 shares at USD57.52 on Wednesday, worth USD69,024 in total.
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