SVG Capital reports success of tender offer

SVG Capital has said that 15.5m shares will be purchased at 420p each under the previously announced tender offer, completing the December 2011 capital return commitment.

The company announced back in December 2011 that it planned to return £170m to shareholders, and the £65m raised through the tender offer represents the outstanding 63% of this sum.

The tendered shares, which are equal to around 5.7% of the issued share capital, were purchased by JP Morgan Cazenove and will be bought back by the company, before being cancelled. This will reduce its total issued share capital from 290m to 274.6m.

The price of 420p per share was at a 2.05% discount to the adjusted net asset value as at December 31st 2012.

The share price fell 0.88% to 401.15p in early trade.

NR