Rugby Estates shareholders approve takeover rule (UK)

Rugby Estates plc said its shareholders have approved a waiver of the takeover rules that would require Chairman David Tye to make a mandatory bid for the company.

Tye, his immediate family, related trusts and Cathedral Properties Ltd, are together deemed to be holding a 29.65% stake in the company.

The shareholders also approved a similar waiver if the same event occurred if Tye were to acquire shares by exercising certain of his share options or by accepting an allocation of shares from the company's Employee Share Ownership Plan.

Source: Freeman News

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