Aquis Shareholders Approve Acquisition by SIX
Aquis shareholders have voted in favor of the proposed acquisition by SIX. The acquisition aims to combine the strengths of Aquis and SIX. It will enhance their market position and offer better value to shareholders.
Details of the Acquisition
These are the significant details of the acquisition:
Terms of the Offer
- Aquis shareholders will receive 727 pence in cash for each share.
- The offer values Aquis’ issued share capital at £207 million.
- On a fully diluted basis, the total value reaches £225 million.
- The enterprise value of Aquis stands at approximately £194 million.
Court Meeting and General Meeting Results
- The Scheme received approval from the requisite majorities of Scheme Shareholders.
- Aquis Shareholders approved Special Resolutions, including changes to the company’s articles of association.
Valuation Premiums for Shareholders
- Shareholders benefit from a 120% premium to the closing price of 330 pence (as of 8 November 2024).
- The offer includes a 68% premium to the six-month volume-weighted average price of 433 pence.
- A 76% premium applies to the nine-month volume-weighted average price of 413 pence.
- A 45% premium is provided over the highest closing price of 500 pence in the prior 12 months.
Next Steps
- The scheme awaits court sanction under Part 26 of the Companies Act.
- Completion timelines will be confirmed following the court’s decision.
Effects on Traders
This acquisition will have these effects on users:
Increased Shareholder Value
Aquis shareholders gain immediate financial benefits with a cash offer of 727 pence per share. It reflects a premium of up to 120% over recent share prices. This offers substantial returns compared to holding the shares independently.
Enhanced Market Stability
The acquisition by SIX, a major player in financial markets, is likely to stabilize Aquis’ operations and enhance its market reliability. This could attract more investors and improve liquidity in Aquis-related markets.
Growth Opportunities in the Long Term
SIX’s robust infrastructure and resources may lead to new product offerings or market expansions under the combined entity. This can create opportunities for investors to diversify their portfolios.
Clear Valuation Metrics
The premium offered provides clarity on Aquis’ market valuation. It gives users better insights into its financial standing and growth potential.
Potential for Improved Trading Ecosystem
As part of SIX, Aquis is expected to benefit from advanced trading technologies and a broader global reach. This could lead to improved trading platforms and services for market participants.
Impact on Regulatory Perception
With SIX’s backing, Aquis might strengthen its compliance and regulatory frameworks. This could increase trust among institutional investors and large-scale traders.
About Aquis Exchange
Alasdair Haynes founded Aquis Exchange in 2012. It is a pan-European trading platform based in London. The company offers a subscription-based model for trading cash equities across 16 European markets. It charges users based on message traffic rather than trade value. Aquis also develops and licenses exchange technology through its Aquis Technologies division.
About SIX
SIX is a global financial services provider specializing in infrastructure for the financial sector. It offers services across securities trading, settlement, and information dissemination to enhance efficiency, quality, and innovative capacity. SIX combines advanced technology and data to make financial transactions more secure and efficient.
Summing Up
The acquisition provides Aquis shareholders with a substantial premium. It shows SIX’s confidence in the value of the company. This move is expected to strengthen the combined entity’s market presence.
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