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19 March 2018

Charles Russell Speechlys advises MayAir Group plc on recommended £50m+ sale of its entire share capital to Poly Glorious Investment Co Ltd

Charles Russell Speechlys has advised MayAir Group plc, the AIM-listed manufacturer, developer and provider of air filtration equipment and clean air solutions, on the group’s acquisition by Poly Glorious Investment Co Ltd.

Poly Glorious, a newly incorporated company formed at the direction of T&U Investment for the purpose of implementing the acquisition, acquired the entire issued ordinary share capital of MayAir in consideration for 120p in cash per share, other than certain management shareholders who received shares in the buyer. The consideration represented a 44.6% premium to the closing price per MayAir share on the last business day prior to Poly Glorious’ approach.

The takeover was effected by means of a Court sanctioned scheme of arrangement.  Allenby Capital Limited and Cantor Fitzgerald acted for MayAir and N+1 Singer Advisory LLP acted for Poly Glorious.

Commenting on the takeover, Jiang Li, sole director of Poly Glorious said:

"The acquisition of MayAir is expected to be highly additive to the wider Poly Glorious group. We already have significant expertise in the heating, ventilation and air-conditioning industry within China and through acquiring MayAir this will enable us to further strengthen the overall competitiveness in our existing product offering as well as our market presence in the air purification industry."

Charles Russell Speechlys also acted for MayAir on its IPO on AIM in May 2015.

The Charles Russell Speechlys team, led by Andrew Collins, included partner Paul Arathoon, and corporate associates Amelly Kok and Emily Dobson.

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