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Hoodless investors give go-ahead to Astaire deal

ASTAIRE, the fast-growing City stockbroker led by small-cap broking veteran Edward Vandyk, has virtually sealed its takeover offer for Hoodless Brennan after the majority of shareholders gave the deal the stamp of approval.

Astaire has received acceptances from investors representing just over 80 per cent of Hoodless shares, with the offer set to close in three weeks.

The firm, which recently relocated from its offices on Old Broad Street to Finsbury Pavement, where Hoodless last month moved into new premises, has offered Hoodless shareholders 0.9403p per share in cash for the business, plus 4.47p in nominal value convertible loan notes.

Vandyk said Hoodless represents an attractive and natural fit for Astaire because both firms operate stockbroking businesses in London and Bristol, while Hoodless is strong in market-making, an area in which its new parent is keen to grow.