LONDON - Intelligent Ultrasound Group PLC (LSE:IUG) announced today that it has received court approval for its acquisition by Surgical Science Sweden AB (SSAB), marking a significant step in the completion of the buyout process. The acquisition, which was first made public on December 19, 2024, is being carried out through a court-sanctioned scheme of arrangement as per the Companies Act 2006.
The court's sanction was the final major condition for the acquisition, with the remaining step being the delivery of the court order to the Registrar of Companies, expected to be finalized on February 18, 2025. Upon completion, the transaction will officially take effect.
In anticipation of the acquisition's completion, Intelligent Ultrasound has issued 16,862,942 new Ordinary Shares. These shares are set to be admitted for trading on the AIM market of the London Stock Exchange (LON:LSEG) on February 17, 2025. Following this admission, the total number of Ordinary Shares in issue for the company will stand at 347,876,045.
Shareholders have been advised that the last opportunity for dealings in Intelligent Ultrasound Shares will be on February 17, 2025, with trading on AIM to be suspended from the morning of February 18, 2025. The cancellation of Intelligent Ultrasound Shares on AIM is expected to follow shortly thereafter, effective from the morning of February 19, 2025, subject to the scheme becoming effective.
The acquisition is a strategic move by Surgical Science, a company specializing in virtual reality simulations for medical training, to enhance its portfolio with Intelligent Ultrasound's advanced ultrasound simulation and artificial intelligence products.
This announcement, based on a press release statement, marks a pivotal moment for both companies as they move towards finalizing the acquisition. An additional announcement will be made confirming the completion of the scheme.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.