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Checkit PLC (CKT)

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Tuesday 26 November, 2019

Checkit PLC

Result of Tender Offer

RNS Number : 6107U
Checkit PLC
26 November 2019
 

Checkit plc

("Checkit" or the "Company")

Result of Tender Offer

The Company today announces the results of the Tender Offer set out in the shareholder circular published by the Company on 1 November 2019 (the "Circular"). The Tender Offer closed at 1.00 p.m. on 22 November 2019.

Result of Tender Offer

Under the Tender Offer, 152,734,779 Ordinary Shares were validly tendered and 124,067,234 Ordinary Shares will be purchased at a price of 65 pence per Ordinary Share, for an aggregate purchase price of £80.64 million.  The Ordinary Shares to be purchased under the Tender Offer represent approximately 66.67 per cent. of the Company's issued ordinary share capital.

As previously announced, the Ordinary Shares pursuant to the Tender Offer will be purchased by N+1 Singer on 28 November 2019.

It is anticipated that the proceeds payable under the Tender Offer to the Company's shareholders who hold their Ordinary Shares in certificated form will be despatched no later than 5 December 2019 in the form of a cheque. Those shareholders who hold their Ordinary Shares in uncertificated form will have their CREST accounts credited no later than 5 December 2019.

As set out in the Circular, the Ordinary Shares will be purchased by N+1 Singer pursuant to the Tender Offer and the Company will purchase such Ordinary Shares from N+1 Singer under the terms of the Repurchase Agreement described in the Circular. The Company intends to cancel the Ordinary Shares purchased by it under the Repurchase Agreement, reducing the number of Ordinary Shares in issue from 186,100,851 Ordinary Shares to 62,033,617 Ordinary Shares.

Capitalised terms used in this announcement have the same meanings given to them in the Circular.

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For further information:

Checkit plc                                                                                                                   +44 (0) 1223 371 000 

www.checkit.net

Keith Daley (Executive Chairman)                                                           

Andrew Weatherstone (Chief Financial Officer & Company Secretary)    

 

Yellowstone Advisory (Investor Relations)

Alex Schlich                                                                                                                 +44 (0) 7710 164 120

 

N+1 Singer (Nominated Adviser & Broker)                                            

Shaun Dobson / George Tzimas (Corporate Finance)                                          +44 (0) 20 7496 3000 

Rachel Hayes (Corporate Broking)                                                            

 

Note to editors:

Checkit's real-time operations management software makes organisations smart, safe and efficient. Our products use Internet of Things ("IoT"), mobile and cloud technologies to ensure our customers get the best out of their mobile teams, processes and buildings. Checkit users operate in many sectors including Retail, Hospitality, Healthcare, Real Estate Management and Manufacturing. Checkit is headquartered in Cambridge, UK with its Operations Centre in Fleet, UK and a Sales and Service office in California, USA.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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