That there EMI Group has said it expects to de-list itself from the London Stock Exchange on 18 Sep, which I'm assured isn't as painful as it sounds. The de-listing (de-listment?) follows a formal announcement on Friday from those not at all shady private equity types Terra Firma that their acquisition of the major music firm was now definitely happening.
As of last week the equity firm had secured commitments from existing shareholders that will deliver them 93.5% of the company. Having passed the 90% requirement for the takeover to go ahead, Terra Firma bosses have confirmed their offer is now unconditional and will, therefore, proceed.
The music company announced on Friday: "Following the Wholly Unconditional Announcement and the applications earlier today by the Company to the Financial Services Authority for the cancellation of the listing of EMI Shares on the Official List and to the London Stock Exchange for the cancellation of the admission of EMI Shares to trading on the London Stock Exchange's market for listed securities, EMI expects that the Cancellations will take effect at 8.00am on Tuesday, 18th September 2007". So, that's all clear then.
In the same announcement it was confirmed that four members of the EMI Group's board would resign as a result of Terra Firma's takeover - Sly Bailey, Kevin Carton, Peter Georgescu and David Londoner. Non-executive Chairman John Gildersleeve will stay on until the delisting and will then also stand down.
It remains unclear what effect Terra Firma's takeover will have on the day to day management team at EMI. Billboard reports that Terra Firma partner Stephen Alexander will have a senior management role at the major, but it is unclear what that role will be.