Camelot Capital Partners LLC entered into a management share exchange agreement to acquire the remaining 70.1% stake in Synnovia PLC (AIM:SYN) from shareholders for £28.2 million on September 3, 2019. Pursuant to the tender offer, the Synnovia’s shareholders will be entitled to receive for each share a £1.25 per share in cash. It is intended that the offer will be implemented by way of a takeover offer within the meaning of the Companies Act. However, Camelot reserves the right to elect, with the consent of the Panel (where necessary), to implement the offer by way of a court-sanctioned scheme of arrangement in accordance with Part 26 of the Companies Act. The expression wherein Synnovia shares to which the offer relates shall be construed in accordance with Chapter 3 of Part 28 of the Companies Act (and consequently excluding the 11.7 million Synnovia shares already owned by Camelot, the additional 4.61 Synnovia shares which the management shareholders have agreed to transfer to Camelot pursuant to the agreement and the 0.2 million undetermined shares if Faisal Rahmatallah determines that he has a beneficial interest in them). Camelot Capital has entered into the Management Share Exchange Agreement with the Management Shareholders, pursuant to which, the Management Shareholders will become shareholders in Camelot Capital in proportion to their current shareholdings in Synnovia. It is proposed that the Management Shareholders will receive 4.6 million Consideration Shares. The consideration payable under the offer will be funded through the existing cash balances of Camelot. The offer is subject to the approval of the management shareholder resolution in a general meeting of Synnovia, the form of acceptance and will include valid acceptances being received in respect of not less than 90% and third party approvals. The independent Synnovia Directors intend unanimously to recommend that Synnovia’s shareholders accept the offer. As on October 11, 2019, Synnovia announces that the Management Shareholder Resolution, which was an ordinary resolution, was passed by the requisite majority of votes at the Synnovia General Meeting. Completion of the Offer remains conditional, inter alia, on the Acceptance Condition. Acceptances to the Offer must be received by October 14, 2019, being the first closing date of the Offer, unless the acceptance period is extended. As of October 15, 2019, Camelot Capital Partners LLC has extended the closing date of the offer to October 28, 2019 as it has not met the 90% acceptance condition. As of October 15, 2019, Camelot had received acceptance from 15.9 million Synnovia shareholders. These equate to around 41% of shares issued and 71% of the Synnovia shares . It may be extended further, with future extension to be announced the day after the offer was set to close. As of October 28, 2019, Camelot had received acceptance from 16.6 million Synnovia shareholders. This represents approximately 42.6% of shares issued and 73.6% of the Synnovia shares the offer related to. Camelot Capital has extended the offer to November 11, 2019. As of October 29, 2019, Camelot Capital informed the London Stock Exchange of cancellation to trading of the Synnovia Shares on AIM and will take effect on November 26, 2019. As of October 29, 2019, offer for Camelot to takeover Synnovia PLC has now become unconditional which will lead to Synnovia PLC being delisted from the London Stock Exchange on November 26, 2019 deeming Synnovia PLC a private company post delisting. Stephen Keys and Callum Davidson of Cenkos Securities plc acted as the financial advisors to Synnovia and Stuart Ord, George Fry and Jono Mawson of Numis Securities Limited acted as the financial advisors to Camelot. Nick Blair and Jack Shepherd of CMS Cameron McKenna acted as legal advisors to Camelot Capital Partners LLC. Camelot Capital Partners LLC completed the acquisition of remaining 70.1% stake in Synnovia PLC (AIM:SYN) from shareholders on November 12, 2019. Offer has now closed and is no longer capable of being accepted. As of November 11, 2019, Camelot had received valid acceptances of the Offer in respect of a total of 21,221,574 Synnovia Shares, representing approximately 54.4 % of Synnovia's existing issued share capital, and 94.2% of the Synnovia shares to which the Offer relates. This includes acceptances for total of 6,213,500 Synnovia Shares, representing approximately 15.9% of Synnovia's existing issued share capital. On November 11, 2019, Camelot had received valid acceptances in respect of a total of 37,685,942 Synnovia Shares, representing approximately 96.6% of Synnovia's entire issued share capital. Acceptances in respect of 90% or more of the Synnovia Shares, Camelot intends to exercise its rights to compulsorily acquire the remaining Synnovia Shares in respect of Offer. Nick O'Donnell of Baker McKenzie acted as legal advisor for Numis.