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Day on track to delist Bonmarché

Philip Day is on track to take womenswear retailer Bonmarché private and delist it from the London Stock Exchange after its last largest investor sold its stake.

Fund manager Artemis sold its 12% stake in the retailer to Spectre, Day’s holding company, according to City AM.

The transaction brings Day’s stake up to 82.96%, more than the 75% needed to take the company private.

Bonmarché shareholder Cavendish Asset Management also sold its 10.8% stake to Spectre at the end of last month, as did chief executive Helen Connolly and chief financial officer Stephen Alldridge.

In April, Day’s Spectre Holdings purchased 52.4% of Bonmarché’s ordinary shares, triggering a mandatory takeover bid.

At the time, Bonmarché’s directors unanimously recommended shareholders reject the offer, which they said “materially undervalued” the company. However, following a difficult first quarter, the board said last week they should accept the offer, as the terms are “fair and reasonable”, adding that they would sell their own shares.

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