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Bonhill Group closes tender offer, raises GBP3.9 million

19th Jul 2023 14:59

(Alliance News) - Bonhill Group PLC on Wednesday said it has raised GBP3.9 million through a tender of 38.8 million shares priced at 10 pence each.

Bonhill is a Woking, England-based media company specialising in business information, events and data analytics. Its shares were down 3.3% to 1.45p each in London on Wednesday afternoon.

In June, Bonhill announced plans to raise GBP4.8 million through the tender of 48.0 million shares.

Of this, the company has received valid tenders for about 81% of the total shares offered.

Bonhill said that the tendered shares will be cancelled around Tuesday next week.

The tender offer is in line with the company's disposal of InvestmentNews LCC.

On May 24, Bonhill said it will sell InvestmentNews to Key Media Business Information US Inc for a total of USD4.1 million.

InvestmentNews is a New York-based news company for the financial advisory community. KM is a Colorado-based magazine publisher.

At the time, Bonhill said that following the close of the tender offer, it hopes to cancel its shares, and re-register as a private limited company.

Also in June, Bonehill reported its annual results for 2022, with revenue falling to GBP14.9 million from GBP16.4 million. Pretax loss narrowed to GBP6.3 million from GBP8.5 billion.

By Sophie Rose; Alliance News reporter

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