Software Solutions Partners looks set to buy adviser software provider Sirius after the two companies reached agreement on the terms of the acquisition.
Sirius will today post a memo to its shareholders outlining the terms of the scheme as well as consequent meetings and any actions to be taken by Sirius shareholders.
SSP is a software solutions provider for the general insurance market specialising in all areas of GI.
The scheme will require approval at the Sirius AGM on June 14 at 9.30 by 75 per cent or more of shareholders’ value, voting in person or by proxy in favour of the acquisition terms.
The terms explain that Sirius shares will be cancelled on Aim on July 6, 2007 at 6pm.
Prior to the scheme becoming effective, Sirius will make an application to the London Stock Exchange for the cancellation of the admission of shares to trading on Aim.
It is anticipated that the scheme will be recorded at 6:00 pm on July 6, shares will be suspended on Aim at close of business on July 6, the scheme will become effective on July 9.
Sirius shares will be cancelled to trading on Aim at 7:00 am on July 10 and new shares issued as SSP will commence trading at 8:00 am on thre same day.