In the statement of intent published on the stock exchange, it said the directors expect that the company’s trading facility on AIM will be cancelled with effect from 7.00am on 19 May 2020. The ordinary shares will continue to be admitted to trading on AIM prior to the cancellation.
The firm added that its board “believes that the cancellation is in the best interests of the company and shareholders as a whole”.
It comes after the newly-formed consortium, Citrus UK Bidco, took control of the budget hotel chain last year after upping its stake to over 50%, despite the objections of EasyHotel founder Sir Stellios Haji-Ioannou.
ICAMAP Investments, a member of the consortium, agreed to acquire 2,595,724 EasyHotel shares (representing approximately 1.78% of the issued share capital of the budget hotel chain) at 95p per share.
Previously, Bidco, made up of ICAMAP and Canadian Investment firm Ivanhoé Cambridge, launched a £139m takeover for the company last month.
At the time Haji-Iaonnou rejected the offer as “very low” and called for shareholders to take no action.
Additionally just before the announcement Haji-Iaonnou accused ICAMAP of trying to “steal the company from under the noses of other investors” and revealed he attempted to purchase more Easyhotel with the intention of boosting his holding in the company.