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Cambria to stop trading on stock market as buyout accepted

Cambria will stop trading on the stock market by 13 October.

This comes as the acceptance condition of its buyout by CEO Mark Lavery was met, with Bidco (led by Lavery) holding more than 75% of Cambria’s voting rights.

The business will be re-registered as a private company.

The deadline for the management buyout of Cambria Automobiles was previously extended by a week as the deal narrowly missed a voting threshold.

The Bidco bid failed to meet the first 3 September deadline in getting the backing of 75% of shareholders as required by Stock Exchange rules.

In the first closing date the deal had got the backing of 74.76 shareholders votes, including the 40% owned by Lavery, just shy of the 75% required.

Bidco needed to get an additional 241,064 shares on board to hit the 75% target.

Under the deal, shareholders will get 82.5 pence in cash for each share, up from 80 pence a share previously agreed. The offer has been declared final.

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