SHAREHOLDERS in Edinburgh-based Nucleus Financial have overwhelmingly accepted a £145 million takeover offer for the firm. Salisbury-based retirement planning firm James Hay said investors holding 91.73% of the shares in the Scottish financial technology business had accepted its recommended cash offer of 188p a share. The offer now becomes ‘unconditional to acceptances’ – meaning the company has agreed to sell to the bidder. “I’m very pleased that shareholders have overwhelmingly accepted our offer,” said Richard Rowney, the chief executive of James Hay. “Shareholder approval is a key milestone in the journey to bring together the respective expertise of Nucleus and James Hay.”
Family Building Society chief to chair BSA
By Leah Milner 6
th May 2021 10:23 am
Family Building Society chief executive Mark Bogard has been elected as the new chair of the Building Societies Association.
He succeeds Yorkshire Building Society chief executive Mike Regnier and takes up the role with immediate effect.
Bogard has been deputy chair at the BSA since 2019 and is replaced in this role by Marsden Building Society chief executive Rob Pheasey.
The term of office for the BSA chair and deputy chair is two years and both are unpaid roles.
Bogard has 20 years’ experience in financial services.
He became chief executive of National Counties Building Society in 2012 before the lender launched the Family Building Society brand in July 2014.
Over 90% voted in favour of the acquisition
James Hay is set to buy advisory platform Nucleus.
An agreement was announced on 9 February 2021 for an all-cash offer of £145m ($201m, €167m).
James Hay initially submitted a scheme of arrangement offer, which required 75% of voting rights in favour of the acquisition.
This prompted the wealth firm to make a contractual takeover offer, which only needed to be formally accepted by 50% of shareholders, to ensure “greater certainty of execution”.
As of 1pm on 4 May 2021, holders of 70,150,582 Nucleus shares – who represent 91.73% of the issued share capital – sent valid acceptances to James Hay.
They include the 55.88% belonging to Nucleus directors and shareholders that had already given “irrevocable undertakings to accept the offer”.
5
th May 2021 8:53 am
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Platform takeover
Business transactions often have twists and turns along the way and James Hay’s purchase of rival platform Nucleus has been no different. But it seems the deal is edging closer to the finish line.
James Hay chief executive Richard Rowney has taken delight in Nucleus shareholders “overwhelmingly” accepting the firm’s offer.
“Shareholder approval is a key milestone in the journey to bring together the respective expertise of Nucleus and James Hay,” he says.
James Hay takeover of Nucleus edges closer
By Katey Pigden 5
th May 2021 7:59 am
James Hay’s takeover bid of rival platform Nucleus has edged a step closer after the former received “valid acceptances” by the first closing date for the offer.
As of 1pm yesterday, James Hay received acceptances for more than 70 million Nucleus shares, representing approximately 91.73% of the issued share capital of Nucleus.
The figure included 55.88% of shares held by Nucleus directors and majority shareholder Sanlam, which had previously given “irrevocable undertakings” to accept the offer.
James Hay chief executive Richard Rowney said: “I’m very pleased that shareholders have overwhelmingly accepted our offer. Shareholder approval is a key milestone in the journey to bring together the respective expertise of Nucleus and James Hay.