SVG Capital has announced the results of its Tender Offer which closed on 7 April 2017. The company says that 41,762,005 Ordinary Shares were validly tendered and will be purchased at a price per Ordinary Share of 715 pence, for a total cost of £298,598,335.75. This represents approximately 63.8 per cent. of the issued share capital of the Company. Shareholders who tendered more than their Individual Basic Entitlement were not subject to scale back and had their Individual Excess Tenders satisfied in full. The Company intends to cancel such Ordinary Shares, reducing its total issued share capital from 65,445,000 Ordinary Shares to 23,682,995 Ordinary Shares.
The Board says that the Tender Offer was not fully subscribed with just 41,762,005 shares of the maximum of 55,944,055 shares tendered. It says that this will result in the Company holding higher cash balances than anticipated and the reduced size of the Tender Offer will reduce the transaction costs associated with it. The Board says that it will review potential methods of returning cash to shareholders, as well as considering the possibility of a larger cash distribution, as part of the winding-up of the Company, and will issue a further announcement in due course. The Board still expects to propose a winding up resolution to Shareholders on or after 31 May 2017.
SVG Capital returns £299m through undersubscribed tender offer : SVG