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SVG Capital PLC (SVI)

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Tuesday 25 April, 2017

SVG Capital PLC

Update following recent Tender Offer

RNS Number : 2474D
SVG Capital PLC
25 April 2017
 

SVG Capital plc (the "Company")

25 April 2017

Update following recent Tender Offer

Following the recent tender offer that was not fully subscribed, the Board has reviewed potential methods of returning cash to shareholders.

In November 2016, the Company announced that it expected to return approximately £1,118 million to shareholders, of which up to £1,050 million would be returned in three tender offers at 715p per share, with the balance proposed to be returned during the subsequent winding-up.

The Company now expects to return approximately £1,125 million to shareholders. £948.6 million of this has been returned in three tender offers. 

The Board has decided that the most appropriate method of returning the remaining approximate £176.4 million to shareholders is through the liquidation process.  The Board will write to shareholders in May with a circular to convene a general meeting to approve the appointment of a liquidator on or after 31 May 2017.  From preliminary discussions that the Company has had with the proposed liquidator, the Company expects that an initial distribution will be made shortly after the appointment of the liquidator.

Shareholders are advised that shares in the Company will be delisted on or around the time of the appointment of the liquidator.  Further details of the liquidation process will be set out in the circular to be posted in May.

Following the third tender, the Company's net asset value per share is 746.5p (as at 25 April 2017).

For further information please contact:

SVG Capital plc
Stuart Ballard: 020 3457 0000

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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