Fashion retailer Bonmarché is set to become delisted as the company’s second largest shareholder sold its stake, meaning Spectre Holdings now owns more than the 75% required to take the business private.
Investment fund Artemis sold its 12% share taking Philip Day’s stake up from 69% to nearly 83%.
In June, investment company Cavendish Asset Management has sold its 10.8% stake for £600,000. Then on 1 July, Bonmarché CEO Helen Connolly, CFO Stephen Alldridge and non-executive director Ishbel Macpherson sold their shares in the company.
Connolly sold 42,542 shares to Day for just over £4,868, Alldridge sold 508,910 shares for nearly £58,245 while Macpherson made just over £2,861 for her 25,000 shares.
In April, Spectre acquired 52.4% of Bonmarché’s shares, triggering a mandatory takeover bid. As Day has gained more than three quarters of the shares, he can now take the company off the stock market.
Day made a £5.7m bid for the company which was initially rejected, but after it saw “poor” trading results, the board recommended its shareholders accept the offer. As the future of the company looked “uncertain” Day closed his offer with a deadline of 12 July. Up until the deadline, Spectre Holdings is obliged to acquire any shares which come available.