The High Court in London has ruled in favour of Severn Trent Water’s £84 million takeover bid for Dee Valley Water.
The takeover was referred to the High Court following a dispute over 445 shares which were bought and given away to other individuals whose votes could potentially block the takeover.
A London Stock Exchange statement said:
“On 11 January 2017, the Dee Valley Board announced that it had come to their attention that a series of approximately 445 recent transfers of small holdings in Voting Ordinary Shares had taken place which may distort the outcome of the shareholder vote held today at the Court Meeting convened in connection with the Scheme.
“Dee Valley obtained directions from the Court that the chairman of the Court Meeting may not accept the votes of the holders of the Voting Ordinary Shares which were subject to the Transfers.”
There were claims the ‘transferred shares’ could distort the final decision and the votes were not accepted at a meeting last week when the takeover bid was accepted by 363 votes to 62.”
The court has adjourned until tomorrow pending any application to appeal - the scheme will not become effective until then.
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