Digital Barriers disposal gets shareholder nod ahead of vote

Josh White WebFG News | 12 Oct, 2017 15:36 - Updated: 15:36 | | |

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17:20 11/12/17

Surveillance, security and safety technology provider Digital Barriers updated the market on the sale of its video division to Volpi for £27.5m, as initially announced on 9 October.

The AIM-traded firm had posted a circular containing details of the proposed disposal, and notice of the general meeting to be held on 26 October, at the time of the first announcement.

“Since the posting of the circular, further commitments to vote in favour of the resolution to approve the disposal at the general meeting have been received,” the Digital Barriers board explained.

The company’s independent directors had committed to the resolution, representing 6.8% of the existing issued share capital of the firm, as had Quantum Partners LP in respect of 4.9%, and Henderson Global Investors, representing 5.3% of Digital Barriers.

Herald Investment Management had also committed for its 9.3% shareholding, the board said.

A number of shareholders had given letters of intent to vote in favour of the resolution as well, including Schroders Investment Management in respect of the 20.1% shareholding held or managed by it, Invesco Asset Management for its 5.2% stake, and Lombard’s European and US asset management divisions for the 8.4% it holds or manages.

“Therefore, in total, the company has received irrevocable undertakings and letters of intent to vote in favour of the resolution to approve the disposal from shareholders holding in aggregate 98,826,161 ordinary shares, representing 59.8% of the existing issued share capital of the company,” the board said.

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