The Islamic Bank of Brittan was a publicly held banking firm that specialised in meeting the special needs of Islamic bankers in the UK. It offered customers a full line of banking and investing products that were designed to comply with Islamic laws and customs.
–Notice of Close of Offers for Remaining Shares of IBB Stock:
On 1 June 2011, the London Stock Exchange reported a notice for a final offer by the Qatar Islamic Bank for 74,109,492 shares of IBB stock that was originally presented on 25 March 2011. It represented an unconditional cash offer for the firm’s remaining stock and the firm’s capital assets.
This offer was accepted by IBB’s board of directors on 31 May 2011.
An additional offer tendered by the Qatar Islamic Bank was accepted by IBB’s board of directors on 31 May 2011 for the last 54,000 shares of IBB’s common stock. The offer was tendered in order to secure the last shares of IBB stock needed to certify IBB as a privately held company.
As a result of these and prior offers, Qatar Islamic Bank now owns nearly 91.2% of IBB’s stock and assets.
The Qatar Islamic Bank hopes to finish the process to turn the Islamic Bank of Britain into a private company by the end of 2011. As a result, shares of IBB stock are no longer traded on the AIM exchange.
–Information for Current Holders of IBB Stock: Shareholders who currently own IBB stock may file for payment of consideration on all of their outstanding shares of IBB stock. To file for such a payment of consideration, please file a valid acceptance form that is available at your broker’s office.
Payments of consideration will be sent via the Royal Post within 14 days of receiving a valid form of acceptance.
For more information about this offer, please visit href=”www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=10880139