Alternative Networks reports success of over-subscribed tender offer

Alternative Networks, an AIM-listed UK business communications service provider, has announced that it received tender offers for 4.22m shares, meaning the offer was more than two times over-subscribed.

Under the terms of the offer, shareholders could tender all or part of their shareholding for cash to be acquired by Investec Investment Banking, for up to a total aggregate consideration of £5.0m.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

As such, Investec Investment Banking will acquire 1.99m shares at 251p which will then be cancelled, and qualifying shareholders who tendered their ordinary shares will be scaled back by 52.8%, and therefore will have successfully tendered 47.2% of the shares they tendered.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.