Business
Results of the Tender Offer
Results of the Tender Offer.
About this update from Town Centre Securities Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION\n \nThis announcement contains inside information\n \n5 December 2023\n \nTown Centre Securities PLC\n(The 'Group' or the 'Company')\n \nResults of the Tender Offer\n \nThe Company today announces the results of the Tender Offer, as set out in the shareholder circular published by the Company on 8 November 2023 (the \"Circular\"), which closed on 1 December 2023.\n \n In total, 6,292,920 Ordinary Shares will be purchased via the Tender Offer at a price of 145.0p per Ordinary Share for a total cost of £9.125m. This represents approximately 13.0% of the issued share capital of the Company.\n \nIt is anticipated that by 18 December 2023, the proceeds payable to the Company's Shareholders for the certificated Ordinary Shares purchased under the Tender Offer will be despatched in the form of a cheque and that CREST account holders will have their CREST accounts credited too by 18 December 2023.\n \nAs set out in the Circular, the Ordinary Shares will be purchased by Liberum pursuant to the Tender Offer and the Company will purchase such Ordinary Shares from Liberum.\n \nFollowing such purchase, the Company intends to cancel such Ordinary Shares, reducing its Issued Ordinary Share Capital from 48,455,599 Ordinary Shares to 42,162,679 Ordinary Shares. This figure of 42,162,679 Ordinary Shares may be used by Shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Ordinary Shares under the FCA's Disclosure Guidance and Transparency Rules.\n \nFollowing completion of the purchase of Ordinary Shares pursuant to the Tender Offer, the Concert Party will be interested in a total of 57.0% of the reduced Issued Ordinary Share Capital. As a consequence, the Concert Party remains free to purchase additional shares, if required, without being subject to any obligation to make a general offer under Rule 9 of the Takeover Code.\n \nFollowing the purchase of Ordinary Shares pursuant to the Tender Offer, the percentage of Ordinary Shares in the Company held...