Private equity firm boosts its take from 9.99% to 16.27%
Pamplona Capital Management, LLP, the London based private equity firm has entered into a conditional share purchase agreement to acquire up to a further 34,425,149 Chaucer ordinary shares, representing 6.28% of Chaucer's ordinary shares, at 44 pence per share. This agreement is conditional upon FSA approval, following which the private equity firm will own an aggregate of 89,179,503 Chaucer ordinary shares, increasing its stake in Chaucer from 9.99%. to 16.27%.
Pamplona remains committed to attaining a non-controlling interest of up to 29.9%. of Chaucer's ordinary shares. The private equity firm said discussions between Pamplona and Chaucer remain ongoing and that it reserves the right to effect further market purchases and / or make a partial cash offer to acquire up to a further approximate 13.6 per cent of the issued share capital of Chaucer.