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.
The tender offer price of 251p was calculated as 105% of the average closing middle market price per share across the five business days prior to Friday 26th.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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
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.
NR
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
