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- SVG Capital shareholders approve wind up proposals
SVG Capital has announced the results of its general meeting at which shareholders have a proved a change of investment policy, which allows for an orderly realisation of the Company’s assets and to make repurchases in connection with a series of tenders offers, which will allow for a progressive return of cash to shareholders.
Following the approvals, the company says that the asset transfer deed governing the sale of the Company’s investment portfolio to HarbourVest Structured Solutions III for an aggregate consideration of £806.6m is now unconditional. The first closing of certain of the Company’s portfolio interests is scheduled to take place on 12 December 2016, with subsequent closings scheduled for the end of December 2016 and early 2017. The company says that, after adopting the value of the portfolio sale and including the Company’s other assets and net of all estimated costs, the Company’s effective net asset value per share is 715p.
It is expected that approximately £1,118m will be returned to shareholders through a series of tender offers (and related repurchases) and the winding up of the Company, as follows:
SVG Capital shareholders approve wind up proposals : SVI
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