Aquis today provided an update on the proposed acquisition offer for Aquis Exchange PLC by SIX Exchange Group AG.

Aquis and SIX confirmed that all Conditions relating to the receipt of antitrust and regulatory approvals have now been satisfied or (where capable of waiver) waived.

The Scheme remains subject to certain other Conditions, including, amongst other things, sanction by the Court at the Sanction Hearing and the delivery of a copy of the Court Order to the Registrar of Companies.

The Sanction Hearing has been scheduled to be held on 30 June 2025.

Subject to the Scheme receiving the sanction of the Court at the Sanction Hearing, the delivery of a copy of the Court Order to the Registrar of Companies and the satisfaction (or, where applicable, waiver) of the remaining general Conditions set out in Part III of the Scheme Document, the Scheme is expected to become Effective on 1 July 2025.

The last day of dealings in, and for registration of transfers of, Aquis Shares is, therefore, expected to be 30 June 2025, with all dealings in Aquis Shares being suspended from 7:30 a.m. on 1 July 2025. It is also expected that the admission to trading of Aquis Shares on AIM and on the Aquis Stock Exchange will be cancelled with effect from 7:00 a.m. on 2 July 2025.

Under the terms of the offer, each Aquis Shareholder will be entitled to receive 727 pence in cash for each Aquis share.

The Cash Consideration provides value for Aquis Shareholders at a premium of approximately:

• 120% to the Closing Price of 330 pence per Aquis Share on 8 November 2024 (being the last trading day before the commencement of the Offer Period);
• 68% to the six-month volume weighted average price of 433 pence per Aquis Share to 8 November 2024 (being the last trading day before the commencement of the Offer Period);
• 76% to the nine-month volume weighted average price of 413 pence per Aquis Share to 8 November 2024 (being the last trading day before the commencement of the Offer Period); and
• 45% to the highest closing price per Aquis Share of 500 pence in the 12-month period prior to 8 November 2024 (being the last trading day before the commencement of the Offer Period).

The Offer values the entire issued and to be issued share capital of Aquis at approximately £207 million (using the treasury stock method for share options), and £225 million on a fully diluted basis, and implies an enterprise value of approximately £194 million.