Result of Tender Offer and Total Voting Rights
STRATEGIC EQUITY CAPITAL PLC (the "Company")
Result of Tender Offer, Tender Price and Total Voting Rights
1 July 2014
Background
On 5 June 2014, the Company published a circular to Shareholders (the "Circular")
detailing the terms and conditions of the tender offer for up to 4 per cent.
(being up to 2,382,324 Shares) of its issued share capital (excluding Shares
held in treasury) (the "Tender Offer").
Results of the Tender Offer and Tender Price
The latest time for acceptance of the Tender Offer was 3.00 p.m. on
Friday, 27 June 2014. 9,004,668 Shares were validly tendered of which
472,640 Shares were in respect of Basic Entitlements and 8,532,028 Shares
were in respect of Excess Tenders. As a result, all valid tenders will be
satisfied in full up to the Basic Entitlement and, following application
of the scale-back mechanism (as set out in the Circular), tenders in excess
of the Basic Entitlement will be satisfied to the extent of 22.38 per cent.
of the excess Shares tendered (each such satisfied entitlement being rounded
down to the nearest whole number of Shares). Accordingly, 2,382,098 Shares,
representing 4 per cent. of the Company's current issued share capital, will
be purchased at the Tender Price. The Tender Price is 155.26p per Share, being
a price equal to the NAV per Share(including undistributed current period
income and deducting, inter alia, the estimated costs of the Tender Offer) as
at close of business on 27 June 2014, less a 10 per cent. discount (calculated
in accordance with paragraph 4, Part 3 of the Circular).
As set out in the Circular, the Shares in respect of which tenders have been
accepted will be purchased by Canaccord Genuity Limited ("Canaccord Genuity")
pursuant to the Tender Offer and the Company will buy-back such Shares from
Canaccord Genuity for cancellation.
Expected Timetable for Settlement
The expected timetable for settlement of the Tender Offer consideration is as
follows:
2014
Payments through CREST made in respect Thursday, 3 July
of Shares held in uncertificated form
successfully tendered
CREST accounts settled in respect of Thursday, 3 July
unsold tendered Shares held in
uncertificated form
Cheques despatched in respect of Shares Friday, 4 July
held in certificated form successfully
tendered
Balancing certificates despatched in Friday, 4 July
respect of unsold tendered Shares held
in certificated form
Total Voting Rights
With effect from 3 July 2014, the Company's issued share capital will consist
of 57,176,013 Shares (being ordinary shares of 10p each in the capital of the
Company), carrying one vote per share. No Shares will be held in treasury.
Shareholders should use the figure of 57,176,013 as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company under the FCA's
Disclosure and Transparency Rules.
Capitalised terms and expressions shall have the same meanings as those
attributed to them in the Circular.
Enquiries:
GVO Investment Managers Limited 020 3691 6100
Stuart Widdowson
Theresa Russell
Canaccord Genuity Limited 020 7523 8000
Andrew Zychowski
Lucy Lewis
Canaccord Genuity Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting for Strategic Equity
Capital plc and is acting for no-one else in connection with the Tender Offer
and will not be responsible to anyone other than Strategic Equity Capital plc
for providing the protections afforded to clients of Canaccord Genuity Limited
nor for providing advice in connection with the contents of this announcement
or any other matter referred to herein. Canaccord Genuity Limited is not
responsible for the contents of this announcement. This does not exclude or
limit any responsibilities which Canaccord Genuity Limited may have under the
Financial Services and Markets Act 2000 or the regulatory regime established
thereunder.
Latest directors dealings
- 11 minutes ago Neuberger Private Equity Partners Limited
- 26 minutes ago Standard Chartered
- 29 minutes ago Central Asia Metals
- 37 minutes ago Hamak Gold Limited NPV (DI)
- 1 hour ago Prudential