Round Hill Music shareholders give green light to $469m Concord takeover

investmentweek.co.uk:

The scheme will now need to be sanctioned by the court, which is expected to take place on 30 October 2023.

The voting took place at a court and general meeting, both held yesterday (18 October), where 99.9% of votes were cast to approve the deal in both instances.

Round Hill Music sets out full terms of takeover scheme

The scheme required a majority of shareholders to vote in favour of the scheme, and shareholders representing around 69% of eligible votes took part to both meetings.

As a result, the takeover scheme will need to be sanctioned by the court — which is expected to take place on 30 October — with the scheme becoming effective from 31 October 2023.

Round Hill agreed the takeover offer in early September, which, at the time, represented a 67.3% premium to the $0.69 closing price on 7 September and an 11.5% discount to the economic NAV per share of $1.30 as of 8 September.

According to data from the Association of Investment Companies, the trust is currently trading at an 11.2% discount.

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