In QuotedData’s morning briefing 25 September 2023:
- Round Hill Music (RHM) has announced the publication of a scheme document which outlines the actions required, timetable, and recommendations in respect of the purchase offer made for the trust. Shareholders will be given the opportunity to vote on the offer at a General Meeting to be held on 18 October. It is the board’s view that it is in shareholder interest to vote in favour of the purchase.
- Pantheon International (PIN) has announced that it will implement a tender offer, by way of reverse auction, for up to £150m at the strike price. This follows on from its announcement in its annual report that it would be investing up to £200m in share buybacks. Shareholders who wish to participate in the tender offer must specify the minimum price or prices at which they are willing to sell their ordinary shares. Price levels are between 280 to 315 pence per share in 2.5 pence increments. All shares will be acquired at the same strike prices, which will be the lowest prices that PIN can purchase £150m shares at. The offer will commence on 25 September, and will close on 17 October.
- Infrastructure India (IIP) has announced that it will not be able to publish its annual report by 30 September 2023, the 6 month deadline from its year end. On 6 September IIP announced a conditional sale of the group’s interest in Distribution Logistics Infrastructure Private Limited (DLI), for which IIP will receive a combination of cash and shares in Pristine Malwa, the counterparty. Disclosures around the valuation of DLI are unable to be published at the current time due to restrictions placed by the Indian regulator. As such IIP will cease trading from 2 October 2023 until it is able to publish its annual report. The board of IIP believes it will be able to publish at the end of 2023.