Redstone has announced that it is set to purchase Solihull based reseller IDN Telecom.
IDN was formed in 1996 and floated on AIM in 2000. The latest figures published for IDN last December show a turnover of more than £16 million.
The directors of Redstone have reported that they have received valid acceptances of thir offer representing, in aggregate, approximately 88.30 per cent. of IDN’s total issued share capital.
As announced previously, Redstone had also received an irrevocable undertaking from Michael Morrison, Chief Executive of IDN to accept the offer in respect of IDN Shares acquired as a result of exercising his vested options. Mr Morrison has now exercised options over 13,586,250 IDN Shares and accepted the offer in respect of such IDN Shares.
Cancellation of admission to AIM
As valid acceptances have been received by Redstone under the offer in respect of more than 75 per cent. of the IDN Shares to which the offer relates, Redstone has confirmed that trading of the IDN Shares on AIM will be cancelled with effect from 8.00 a.m. Monday 22 January 2007.