SVG Capital has announced that, further to its announcement on 18 October 2016 regarding the proposed sale of 100% of its investment portfolio and wind down, it has published a circular for shareholders with details of:
- a proposed change of investment objective and policy;
- a proposed sale of the Company’s investment portfolio (completion of which is subject to certain conditions, as summarised in the Circular);
- a proposed tender offer series, including a first tender offer of up to £350 million; and
- a general meeting to be held on 5 December 2016 (including the notice of general meeting)
SVG Capital says that the change of investment objective and policy will allow for an orderly realisation of the Company’s assets and progressive return of cash to shareholders. There will be a series of tender offers, to return up to £1,050 million to shareholders, as part of total expected return to shareholders of approximately £1,118 million (through tender offers and subsequent winding-up). The first tender offer, of up to £350 million, is priced at 715p per share and is subject to certain conditions as set out in the recently published circular.
The company says that there will be a general meeting on 5 December 2016 to approve the change in investment objective and policy and to give the Company authority to make market purchases in connection with the tender offer series. It says that receipt of each approval is a condition to the proposed sale of the Company’s investment portfolio.
The company says that a copy of the Circular is now available to view on its website at: www.svgcapital.com
SVG Capital opens tender offer for £1.05bn : SVI