SkyGem Acquisition Limited, an indirect wholly-owned subsidiary of funds managed by ZQ Capital Management Limited, has announced its firm intention to make a mandatory cash offer for Allergy Therapeutics PLC. SkyGem has acquired more than 30% of the company's shares and now holds 59.96% of the shares and voting rights. As a result, SkyGem is required to make a mandatory offer for the remaining shares at a price of 1 pence per share. The offer is unconditional from the outset as SkyGem already holds more than 50% of the voting rights. The offer document and form of acceptance will be dispatched to shareholders shortly. The cash consideration implies a value of approximately £47.91 million for the issued and to be issued share capital of Allergy Therapeutics. The offer represents a discount of 26% to the closing price on October 13, 2023, and a discount of 84% to the closing price on April 5, 2023. Allergy Therapeutics shareholders who accept the offer will receive 1 pence in cash for each share. The offer will extend to all issued Allergy Therapeutics shares.