Agents’ Mutual’s flotation will definitely go ahead following a meeting of the High Court today, at which the appropriate processes behind the decision were sanctioned.
In a message to agent members, Agents’ Mutual chief executive Ian Springett this afternoon wrote:
“I am pleased to let you know that the High Court of Justice Chancery Division this morning sanctioned the Members Scheme and the three Loan Note Schemes which were overwhelmingly endorsed by our Members and Loan Noteholders at the Court Meetings on 6 September. We will now continue to the next stage of the process. Thank you again to all those Members who took part in the voting and who have shown such strong support for the business.”
There had been at least one attempt to overturn the flotation proposal at this final formal hurdle - as we reported this morning, Gold OnTheMarket agent member Graeme Lumsden submitted a detailed objection to the proposal.
This was based on allegations of material facts not being put before members, a lack of appropriate consultation and allegations of unfair 'lock in' incentives to members.
Last week it was announced by Agents' Mutual that its members had voted 89 per cent to 11 per cent in favour of the float, which is expected to happen before the end of this year.