Monsoon has suspended trading on AIM ahead of being taken private by chairman and founder Peter Simon.

In September, Simon launched the 424p-a-share bid for the 24.5 per cent of the company he does not already own via investment vehicle Drillgreat. It is his third attempt to take the company private in four years and values the company at£755 million.

Last month, 99.78 per cent of the votes cast by shareholders were in favour of the takeover.

The final hearing to sanction the scheme is expected to take place on December 11. The takeover is set to be completed on December 12.

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