Business
Tender Offer - Update
Tender Offer - Update.
About this update from Northern Bear Plc
[{"type":"text","content":"\n\n5 December 2023\nNorthern Bear plc\n(\"Northern Bear,\" the \"Company\")\n \nTender Offer - Update\nNorthern Bear (LSE:NTBR), the AIM quoted holding company of the group of companies providing specialist building and support services headquartered in Northern England and serving customers across the UK, is pleased to provide the following update in respect of the Tender Offer.\nFurther to its announcement on 29 November 2023, the aggregate number of Ordinary Shares validly tendered by Qualifying Shareholders was 7,831,399 and exceeded the Tender Cap of 5,000,000.\nIn accordance with paragraph 5 of Part 4 (Details of the Tender Offer) of the circular dated 23 October 2023 issued to shareholders (the \"Circular\"), in the event that the total number of Ordinary Shares validly tendered exceed the Tender Cap, as is the present case, the Receiving Agent (acting in consultation with Company) was, in its discretion, to allocate the validly tendered Ordinary Shares between validly tendering Qualifying Shareholders as it sees fit to ensure that no shareholders were left with uneconomically small interests following the Settlement Date.\nAccordingly, having consulted with the Company, the Receiving Agent:\n· considered a holding of 1,000 Ordinary Shares or less an uneconomically small interest for the purposes of the Tender Offer; and\n· taking this into account, will generally scale back the number of Ordinary Shares to be purchased from all tendering shareholders such that the Company will, on average, repurchase 63.8 per cent. of every valid tender received, calculated based on the Tender Cap as a proportion of the aggregate number of Ordinary Shares tendered.\nIn accordance with the intention set out in the Circular not to leave smaller shareholders who have tendered their full shareholding with an uneconomically small interest in the Company, the Receiving Agent has adjusted the general allocations such that the Company will acquire, to the extent possible, the full tendered holdings of any such shareholders who, having been allocated their entitlement as generally calculated (as set out above), were otherwise left with an interest of less than 1,000 Ordinary Shares in the Company. As such, the Company may, in fact, purchase more or less than 63.8 percent of a sha...