Business
Tender Offer
Tender Offer.
About this update from Volvere Plc
[{"type":"text","content":"\n \nRNS Number : 5114A Volvere PLC 29 May 2019 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \nVolvere plc \n(\"Volvere\" or the \"Company\")\nTender Offer\nVolvere is pleased to announce the return of up to £16.6 million in cash to Shareholders by way of a tender offer for Ordinary Shares (the \"Tender Offer\"). The Tender Offer will be effected by using the Company's existing authority to repurchase Ordinary Shares granted to the Company by its Shareholders by way of special resolution passed at the annual general meeting of the Company on 25 June 2018, and is therefore not subject to Shareholder approval.\nThe Company is posting a circular to Shareholders (the \"Circular\") today setting out the terms of the Tender Offer being made by Hobart Capital Markets LLP (\"Hobart\") to purchase up to 1,283,927 Ordinary Shares, representing 41.18 per cent. of the Company's issued Ordinary Shares (excluding treasury shares) as at 24 May 2019, at a fixed price of 1290 pence per Ordinary Share, in accordance with the terms and conditions of the Tender Offer set out in Part 3 of the Circular. The Tender Offer is expected to close at 1.00 p.m. on 11 June 2019.\nThe Tender Offer is being made available to all Eligible Shareholders (being Shareholders who are on the Register at 6.00 p.m. on 11 June 2019). Eligible Shareholders can decide whether they wish to tender any or all of their Ordinary Shares in the Tender Offer but the acceptance of tenders may be scaled back depending on the take-up of the Tender Offer (see the Circular for further details). \nThe Tender Offer is being made by Hobart, as principal, on the basis that all Ordinary Shares that it buys under the Tender Offer will be purchased subsequently from it by the Company under its existing buy-back authority.\nThe Tender Offer is not being made, directly or indirectly, in or into a Restricted Territory.\nThe Circular will be available from the Company's website at www.volvere.co.uk.\nCapitalised terms used in this announcement shall have the meanings given to them in the Circular referred to above. References to time in this announcement are to UK time unless otherwise stated. \nThe Chairman's Letter ...