The International Stock Exchange Group Limited (TISE) says its shareholders have demonstrated “strong support” for a proposed acquisition by Miami International Holdings (MIH).
TISE recently announced that a majority of shareholders voted “in favour” of the proposed £70.4 million ($91.5 million1) acquisition by MIH, at the Court Meeting and General Meeting.
TISE provides financial markets and securities services to public and private companies. It employs approximately 40 people, primarily within its headquarters in Guernsey.
It was incorporated in Guernsey in November 2013, and it’s ordinary shares were admitted to listing and trading on The International Stock Exchange in June 2016.
Anderson Whamond, Chair of TISE, said: “The board is pleased with the outcome of these meetings and the strong endorsement from TISE’s shareholders for the significant value being realised through this transaction. The acquisition is an important milestone in the history of TISE and the board believes that as part of a global exchange group TISE will benefit from opportunities to collaborate with MIH, including leveraging its technology infrastructure and international footprint.”
The Acquisition is to be implemented by means of a scheme of arrangement under Part VIII of the Companies (Guernsey) Law, 2008.
The cash consideration for the Acquisition, of £22.50 per TISE ordinary share, values the entire issued and to be issued ordinary share capital of TISE at approximately £70.4 million ($91.5 million1), representing approximately £66.4 million ($86.4 million1), net of proceeds received from the expected exercise of options subsisting under the TISE Share Plans. MIH East Holdings currently owns 29.46% of the issued ordinary share capital in TISE.
Thomas Gallagher, Chairman and CEO of MIH, said: “We are delighted to have received the strong support of TISE’s shareholders and this is a significant step towards completion of the acquisition. The acquisition represents a compelling opportunity for MIH to expand our international business and establish a presence in a European time-zone and market. We believe that investing additional resources in TISE will help expand its reach and capabilities, positioning it competitively for future growth.”