EMI Group plc expects to de-list from the London Stock Exchange on Sept. 18 as it prepares for a new era under the ownership of equity house Terra Firma, the British music major reports.
In a statement issued to the London Stock Exchange, EMI said today, “The anticipated date of cancelation of the listing and admission to trading of EMI shares is Sept. 18, 2007.”
On that date, Sly Bailey, Kevin Carton, Peter Georgescu and David Londoner will step-down as non-executive directors of the company. Non-executive chairman John Gildersleeve will remain with EMI until it delists, after which time he will also resign.
Terra Firma, led by CEO Guy Hands, recently won its proposed £2.4 billion ($4.89 billion) takeover bid for EMI, beating out the advances of long-time suitor Warner Music Group. As of yesterday, Terra Firma had received 93.50% valid acceptances of the offer.
Moreover, Terra Firma says its offer is now “unconditional in all respects.”
Following completion of the transaction, industry observers expect Terra Firma to inject new blood into EMI’s existing board, and shake-up the company’s recorded music arm.
As previously noted in Billboard.biz, Terra Firma partner Stephen Alexander has been confirmed to take an as-yet-undisclosed role within EMI’s management ranks.
