3rd Feb 2020 16:39
(Alliance News) - Baillie Gifford European Growth Trust PLC on Monday said almost 54% of its share capital was validly tendered under an oversubscribed offer as of Tuesday last week.
At the end of December, the firm announced a tender offer to purchase up to 10% of its issued share capital.
Therefore, on Monday, the investment company said it will accept the shares that were validly tendered under the basic entitlement, plus up to 6% of the excess shares tendered.
Peel Hunt will purchase 4.0 million shares validly tendered under the offer, which was priced at 915.04 pence a share, for GBP36.8 million.
The stock closed 3.0% lower in London on Monday at 918.00p a share, giving the trust a market capitalisation of GBP369.4 million.
Under the terms of the repurchase agreement, Peel Hunt has a put option exercisable on Wednesday to require Baillie Gifford European Growth Trust to purchase the shares purchased by Peel Hunt pursuant to the tender offer at the tender price.
Following the tender offer, Baillie Gifford European Growth Trust said it will have 40.2 million shares overall.
By Evelina Grecenko; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Baillie Geu