“Trading will remain suspended until the further announcement is released to the market. The company will notify AFH shareholders in due course as to the times and dates on which the meetings as so adjourned will now be held.”
Acquisition is not welcomed by everyone
It is believed that the general meeting was scheduled to approve the proposed £225m takeover bid by US private equity firm Flexpoint.
The acquisition proposal, however, was not welcomed by all the wealth manager’s shareholders, as reported recently that Slater Investments, which owns almost 13% of the company, turned down the offer.
For the M&A deal to go ahead, the firm will need 75% of shareholders to approve the proposal.
Portfolio Adviser sister title International Adviser contacted AFH for a comment, but the firm did not reply in time for publication.
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