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SVG Captial note's Bidco accrues 36.2% of its shares

14 October 2016 09:05

SVG Capital notes HarbourVest Structured Solutions III L.P. (Bidco) has announced that it has accrued a holding of 36.2% of its shares.

Bidco said it had received valid acceptances from shares representing 27.7% of the company's issued share capital in respect of its final offer, plus the 8.5% of the company's shares it already held.

SVG Capital also noted the offer had been extended until Tuesday 18 October 2016.

"The Company continues to work with Goldman Sachs AIMS Group and CPPIB on the Proposed Investment Portfolio Sale announced on Thursday 6 October 2016," said SVG Capital in a statement.

"In addition, further to the announcement by HarbourVest L.P. ("HarbourVest") on Monday 10 October 2016, the Company is in discussions with HarbourVest and its advisers regarding an alternative proposal for the acquisition of 100% of the investment portfolio.

"The Board reiterates its recommendation that shareholders do not accept HarbourVest Bidco's Offer of 650p per share.

"The Board is focused on maximising value and certainty and will update shareholders in due course. Terms defined in the announcement on 6 October 2016 have the same meaning when used in this announcement."

At 9:05am: (LON:SVI) SVG Capital Plc share price was +2.75p at 690.25p

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