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SVG Capital updates on recent Tender Offer

25 April 2017 14:14

SVG Capital has announced that, following the recent tender offer which was not fully subscribed, the Board has reviewed potential methods of returning cash to shareholders.

The Company said it now expects to return approximately £1,125m to shareholders. £948.6m of this has been returned in three tender offers.

The Company commented:

"The Board has decided that the most appropriate method of returning the remaining approximate £176.4 million to shareholders is through the liquidation process. The Board will write to shareholders in May with a circular to convene a general meeting to approve the appointment of a liquidator on or after 31 May 2017. From preliminary discussions that the Company has had with the proposed liquidator, the Company expects that an initial distribution will be made shortly after the appointment of the liquidator.

"Shareholders are advised that shares in the Company will be delisted on or around the time of the appointment of the liquidator. Further details of the liquidation process will be set out in the circular to be posted in May."

At 2:14pm: (LON:SVI) SVG Capital Plc share price was +11.25p at 741.25p

Story provided by StockMarketWire.com

Related Company: SVI

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