Spectre Holdings, the investment firm owned by Philip Day, has announced it will de-list Bonmarché from the London Stock Exchange in August.
Spectre said that by 12 July – the date it had previously announced as its final day of bidding – it either owned, or had received valid acceptances, for a total of 46.5 million Bonmarché shares, representing 93% of the company.
As a result, it confirmed its de-listing plans: “Spectre intends to procure that Bonmarché applies for the cancellation of the listing of Bonmarché shares on the Official List of the UK Listing Authority and for the cancellation of trading of Bonmarché shares on the main market of the London Stock Exchange.
“It is anticipated that such cancellations will take effect no earlier than 12 August 2019, being 20 business days from today’s date, or, if the UK Listing Authority so agrees, no earlier than 6 August 2019, being 20 business days from the date when Spectre obtained the relevant shareholding and acceptances referred to above.”
Artemis Investment Management, which held a stake of more than 12% in Bonmarché, offloaded its holding last week. It put Spectre above the 75% threshold to remove the company from the London Stock Exchange.
Bonmarché chief executive Helen Connolly and chief financial officer Stephen Alldridge sold their shares to Day’s Spectre Holdings on 1 July, days after the tycoon announced he was closing his offer to buy the remaining shares in Bonmarché for the price he paid, 11.45p, following poor trading at the retailer.
Day will now begin to implement his turnaround strategy for the business, which includes possible store closures and staff reductions, a review of the product range, pricing policy and discount strategy, and renegotiating supplier terms.