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Travers Smith advises Hydrogen Group plc on novel tender offer and delisting

Overview

Travers Smith LLP has acted for long-term client Hydrogen Group plc (AIM:HYDG) on a novel tender offer structure through which the Company is proposing to de-list on AIM and to provide a cash exit to shareholders by buying back up to 56% of its issued share capital.

A 'concert party group', comprising the executive directors of the Company and certain founder investors and ex-directors, has undertaken not to participate in the tender offer, affording other shareholders the opportunity to tender their entire interest. If the transaction is completed, the concert party group will own over 50 per cent. of the Company and accordingly the Takeover Panel is treating the transaction as an offer for the purposes of the Takeover Code. The transaction is subject to shareholder approval and satisfaction of an acceptance condition.

The Travers Smith team is led by Corporate Partner Richard Spedding, assisted by Corporate Associate Graeme Scotchmer. Shore Capital is conducting the tender offer and buy-back.

Hydrogen Group is a group of specialist recruitment and people solutions businesses with a proven global platform with clients' in over 50 countries.