Announcement • Feb 12
Fortress Investment Group LLC completed the acqusition of Loungers plc (AIM : LGRS) from Lion Capital LLP and others. Fortress Investment Group LLC entered into an agreement to acquire Loungers plc (AIM : LGRS) from Lion Capital LLP and others for approximately £320 million on November 28, 2024. The offer will be Under the terms, all shares will be acquired for £3.1 per share in cash. The Scheme is expected to become Effective in Q1 2025. Transaction is subject to approval of Loungers shareholders and regulatory approval. The deal has been approved by the board of directors of Fortress Investment and Loungers plc. As on January 15, 2025, Price per share has been changed to £3.25 per share in cash. As of January 30, 2025, the requisite majority of Loungers Shareholders voted at the General Meeting to pass the Resolution to approve the implementation of the Scheme. As an alternative to the Increased and Final Cash Offer, Eligible Scheme Shareholders will continue to be able to elect for the Alternative Offer in relation to some or all of their holdings of Loungers Shares (subject to the implementation of the Rollover Process as detailed in the Scheme Document). The Scheme remains subject to the sanction by the Court at the Court Sanction Hearing and the satisfaction of the other Conditions to the Scheme and the Acquisition. Executive chairman Alex Reilley and chief executive Nick Collins warned shareholders they would consider their positions “untenable” if the second bid was voted down. The Court Sanction Hearing is scheduled to take place on 7 February 2025. Subject to obtaining the approval of the Court, and the satisfaction or, where applicable, the waiver of the other Conditions (as set out in the Scheme Document), the Scheme is expected to become effective on 11 February 2025. As of February 7, 2025, Loungers announced that the High Court of Justice in England and Wales has today issued the Court Order sanctioning the Scheme.
Anthony Parsons, David Plowman, Christopher Fincken, Alex Thomas and Alina Vaskina of HSBC Bank plc acted as finance advisor to Fortress Investment Group LLC and Sam Fuller, Tim Richardson and Tom Barnard of Houlihan Lokey UK Limited acted as financial advisor to Loungers. Slaughter and May is acting as legal adviser to Fortress Investment Group LLC and Leon Ferera of Jones Day is acting as legal adviser to Loungers. Tom Mercer and Tim Rennie of Ashurst LLP acted as legal advisor to HSBC Bank plc.
Fortress Investment Group LLC completed the acqusition of Loungers plc (AIM : LGRS) from Lion Capital LLP and others on February 11, 2025. The admission to trading of Loungers Shares on AIM was suspended with effect from 7.30 a.m. February 11, 2024. It is expected that the admission to trading of Loungers Shares on AIM will be cancelled with effect from 7.00 a.m. on February 12, 2025. Price Target Changed • Jan 17
Price target decreased by 9.7% to UK£3.50 Down from UK£3.88, the current price target is an average from 6 analysts. New target price is 10% above last closing price of UK£3.18. The company is forecast to post earnings per share of UK£0.13 for next year compared to UK£0.086 last year. Recent Insider Transactions • Dec 07
Insider recently sold UK£4.2m worth of stock On the 3rd of December, Peter Kemp-Welch sold around 1m shares on-market at roughly UK£3.04 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of UK£4.5m more than they bought in the last 12 months. 
