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Tullett Prebon update on ICAP deal

06 December 2016 14:10

Tullett Prebon has issued an update on the acquisition of ICAP's global hybrid voice broking and information business.

Tullett Prebon says the board is pleased to note the publication today of a prospectus by NEX Group plc in relation to the admission of the ordinary shares of NEX to the premium listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange.

The NEX prospectus has been prepared in connection with a scheme of arrangement pursuant to Part 26 of the Companies Act 2006 to introduce NEX as the new holding company of ICAP plc.

The board of directors of Tullett Prebon expects the acquisition by Tullett Prebon of ICAP's global hybrid voice broking and information business, including ICAP's associated technology and broking platforms and certain of ICAP's joint ventures and associates to complete on 30 December. Completion of the transaction remains subject to the satisfaction or waiver of a number of conditions.

On completion of the transaction, Tullett Prebon will issue new Tullett Prebon shares directly to NEX shareholders, such that NEX shareholders will hold, in aggregate, approximately 56%of the issued share capital of Tullett Prebon and existing Tullett Prebon shareholders will hold, in aggregate, approximately 44% of the issued share capital of Tullett Prebon (calculated on a fully diluted basis and immediately following such issuance).

The new Tullett Prebon shares to be issued to NEX shareholders are expected to be admitted to the premium listing segment of the Official List maintained by the Financial Conduct Authority and to trading on the London Stock Exchange's main market for listed securities at 8:00 a.m. on 30 December 2016.

At 2:10pm: (LON:TLPR) Tullett Prebon PLC share price was -2.5p at 434.3p

Story provided by StockMarketWire.com

Related Company: TLPR

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