MayAir Group PLC £50m Acquisition by Poly Glorious Investment Company Limited

MayAir Group Plc

On 26 January 2018, the boards of MayAir Group Plc (LON:MAYA) and Poly Glorious Investment Company Limited announced that they had reached agreement on the terms of a recommended acquisition for Poly Glorious to acquire the entire issued and to be issued share capital of MayAir.

On 19 March 2018, MayAir announced that the Court had sanctioned the Scheme at the Scheme Court Hearing held on 19 March 2018.

The board of MayAir is pleased to announce that, following the delivery of the Scheme Court Order to the Registrar of Companies for registration yesterday, the Scheme has now become effective in accordance with its terms and the entire issued and to be issued share capital of MayAir is now owned by Poly Glorious.

Full details of the Scheme, including full settlement details, are in the scheme document published on 16 February 2018 in relation to the Scheme (the “Scheme Document”).

Settlement of Cash Consideration

Scheme Shareholders (other than Management Shareholders) on the register of members of MayAir at the Scheme Record Time are entitled to receive 120 pence in cash for every Scheme Share held. Cash consideration to which Scheme Shareholders are entitled pursuant to the Scheme will be settled via CREST (for uncertificated Scheme Shareholders) or by cheque (for certificated Scheme Shareholders) within 14 days of the Effective Date.

Settlement of Management Consideration

Consideration Shares to be issued to Management Shareholders pursuant to the Management Shareholder Consideration will be allotted and issued to Management Shareholders within 14 days of the Effective Date.

Cancellation of trading in MayAir Shares

An application has been made to the London Stock Exchange to cancel the trading of MayAir Shares on AIM which is expected to take effect at 7.00 a.m. on 21 March 2018.

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