Shareholders of IFA and wealth management firm Sumus approved the planned merger with fellow advisory Lighthouse at an EGM yesterday.
Just 1.54 % of the Sumus scheme shareholders present and voting decided against the deal, representing 0.03% of issued shares.
Structured as an acquisition, Lighthouse will acquire entire issued and to be issued ordinary share capital of Sumus at 42.3p per share, valuing Sumus at approximately £12.6m.
The amalgamated group – to be branded Lighthouse – will have a pro-forma turnover in excess of £80m and £22m estimated net assets. The new board will be split 50/50 between the two groups.
“We are delighted to have received the overwhelming support from the Sumus shareholders for the merger and are now looking forward to this being concluded on 6 May,” Sumus CEO Allan Rosengren says.
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