Monsoon sees victory in delisting strategy
Stoneycroft has option over 19.5 per cent of shares
July 26 2003
Monsoon founder Peter Simon looks set to end the UK fashion chain’s stock market listing as his offer of put options nears the 20 per cent deadline.
Stoneycroft, the investment trust controlled by the Simon family, said shareholders accounting for 19.5 per cent of shares had bought the 10p put options to sell their shares back to the trust at 140p by the end of September.
The lastes acceptances gives the Simon family and its trusts control of 92.3 per cent of shares, above the limit where it can end its stock market listing and either list the remaining capital on the AIM market or take the company wholly private. Most institutional investors have chosen to exercise the options since they cannot hold AIM shares.
However, there have been some suggestions that the strategy has been calculated as a means for the Simon family to buy back the company, which operates the Monsoon and Accessorize chains and was founded by Peter Simon in 1972.
