19th Feb 2019 11:39
LONDON (Alliance News) - Best of the Best PLC on Tuesday said that it received valid tenders for 4.0 million shares under an offer launched at the end of January, significantly over the maximum limit of the offer.
Best of the Best runs competitions online to win cars and other prizes.
Back in January, Best of the Best said it intended to return surplus cash to shareholders by way of a tender offer for up to 7.1% of its share capital.
On Tuesday, the company said that finnCap, operating on behalf of the company, will therefore purchase the maximum number of shares available under the terms of the offer, being 721,327 shares at 485 pence each for a total of GBP3.5 million.
In accordance with the terms of the tender offer, shareholders are entitled to sell 1 share for every 14 held.
Best of the Best shares were trading up 6.3% at 340.00p each.
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