The return of privately owned Cambria Automobiles was officially approved at the auto dealer’s annual general meeting.
A statement released following the AGM yesterday (October 11) revealed that all resolutions in the motion to return the company to privately owned property after 11 years as a PLC on the London Stock Exchange had been passed.
As previously reported by AM, the AM100 Group now intends to cease listing and trading on AIM, a submarket of the London Stock Exchange, on October 13th after 7am.
Yesterday’s statement said: “All resolutions were passed at Cambria’s general meeting, held earlier today, at which Cambria shareholders were approved for the re-registration of Cambria as a private limited company following the offer by Cambria Bidco Limited collected.
“Accordingly, following the revocation of the admission to trading of Cambria’s common shares on AIM, which is due to take effect on October 13, 2021 at 7:00 am, Cambria will apply to the commercial register to re-register Cambria as a private company and adopt limited partnership shares the new statutes approved by the general assembly. “
In an interview before Cambria CEO Mark Lavery secured the equity required to guarantee the re-privatization of the group, he said that financing his £ 82.5m acquisition was “not easy”.
Lavery told AM that the money was generated from a combination of bank debt and £ 2.5 million personal funds.
He explained some of his reasons for moving: “For the past 11 years we have employed stockbrokers and market analysts, investing millions of pounds and hundreds of man hours educating the market about our business.
“Cambria doesn’t set the share price, it does the shareholders, and the truth is, they just don’t have it. The value we see in business has not been realized.
“I feel like I’m wasting my time and a lot of money.”
