The chairman of one of the UK's oldest companies has announced plans to de-list after 11 years of trading on AIM
Last week, Bryan Toye took a controlling interest in Birmingham jewellery maker Toye & Co plc, which was founded in 1685, when he acquired 272,000 shares from Gibraltar-based Harris Rodriguez.
As a result of the acquisition, he is required to make a mandatory cash offer for the company which he is doing through Bryan Toye Ltd (BTL), a special purpose limited liability company wholly controlled by Mr Toye.
The offer price will be 35p per share and this will not be increased.
In an update to the stock exchange, Mr Toye said: "Having acquired (the) shares, BTL and its connected parties are now interested in 53.4 per cent of the issued share capital of Toye & Co.
"Accordingly, BTL announces its firm intention to make a mandatory cash offer to acquire the outstanding shares not already owned.
"The offer values the whole of the issued share capital of Toye & Co at approximately £787,000. BTL confirms it will not be increasing the offer to in excess of 35p per share."
BTL said it had received irrevocable commitments from other shareholders totalling 13.45 per cent.
The statement added: "It is Bryan Toye's intention to take his family's company private after 11 years on AIM.
"During this time, the company has not benefited as much as it had hoped from being listed while the costs attaching to such status are substantial in relation to the company's size."
The de-list is due to happen once the shareholding of BTL and its connected parties reaches 75 per cent.
Toye & Co designs and manufactures jewellery and identity products for governments, corporates, societies, clubs and associations.
In addition to its metalworking base in Birmingham's Jewellery Quarter, it has an office in London and a textile production operation in Bedworth, Warwickshire.
It holds a Royal Warrant from Her Majesty The Queen as supplier of gold and silver laces, insignia and embroidery and was commissioned to manufacture the medal presented to serving personnel in celebration of the Queen's Diamond Jubilee.
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