Network now on path to becoming a private company

Towergate’s offer for Broker Network has now been declared unconditional, according to an announcement on the Stock Exchange.

The offer had been fully accepted Thursday afternoon by Broker Network’s shareholders in respect of14,592,279 shares and representing 92.9% of the company’s existing issued share capital.

Because Towergate has attained more than 90% of the voting rights attached to the shares, the company is now taking steps to de-list Broker Network from AIM.

It is anticipated that cancellation of listing and trading will take place at 7 a.m. on 23 January 2008. The delisting will significantly reduce the liquidity and marketability of any Broker Network Shares that are not acquired by Towergate, the statement said,

Following the cancellation, Towergate intends to re-register Broker Network as a private company.

Towergate offered 605 pence for each Broker Network share, valuing the company at £95m.