Business
Result of Tender Offer
Result of Tender Offer.
About this update from Savannah Resources Plc
[{"type":"text","content":"\n Second Advance Value Realisation Co\n24 June 2004\n\n\n\nRESULT OF TENDER OFFER\n\nThe result of the Tender Offer made by Marshall Securities Limited, on behalf of\nCompany, which was announced on 2 June 2004 and approved by Shareholders on 23\nJune 2004, was as follows:\n\nValid tenders were received from Shareholders who held 9,949,447 Ordinary Shares\nat the record date for the Tender Offer representing 99.63 per cent. of the\n9,985,997 Ordinary Shares in issue.\n\nThe Tender Price is 203.66 p per Ordinary Share being equal to the Net Asset\nValue (after expenses of the Tender Offer) at the close of business on 23 June\n2004.\n\nThe Repurchase Monies available to finance purchases of Ordinary Shares pursuant\nto the Tender Offer are £10 million, the maximum of the range announced on 2\nJune 2004.\n\nThe total number of Ordinary Shares to be bought back under the Tender Offer is\n4,910,122, with a Basic Entitlement of approximately 49.17 per cent.\n\nThe small excess of 28,480 Ordinary Shares not tendered for under Basic\nEntitlements will be allocated pro rata to those Shareholders who submitted\nvalid applications for excess tenders.\n\nFollowing settlement of the Tender Offer, which is expected to be made on 29\nJune 2004, 5,075,875 Ordinary Shares will remain in issue.\n\nThe Company expects to announce its preliminary results for the period ended 31\nMarch 2004 on 25 June 2004.\n\nChairman, Robert Norbury, said: 'We are pleased to have taken a further step in\nreturning cash generated from the successful realisation process to Shareholders\nby purchasing Ordinary Shares at more than double the initial net asset value.'\n\n24 June 2004\n\nEnquiries:\n\nProgressive Value Management Limited 020 7336 0865\nSimon Toynbee / Robert Legget\n\nMarshall Securities Limited 020 7490 3788\nJohn Webb\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2058,"tagName":"div"}]