26th Nov 2019 10:48
(Alliance News) - Checkit PLC said Tuesday it has returned GBP81.0 million to shareholders via a previously announced tender offer.
Shares in the Cambridge-based software company were 24% lower at 41.00 pence on Tuesday in London.
Under tender offer, Checkit bought back 124.1 million shares, reflecting 67% of Checkit's issued share capital, at a price of 65.00 pence per share.
The shares purchased by Checkit will be cancelled, reducing the number of its shares issued overall to 62.0 million shares.
In September, Checkit - then known as Elektron Technology PLC - sold its former core connectors and components maker unit Bulgin for GBP105 million.
At the start of November, Checkit confirmed it planned to return GBP81 million of its Bulgin proceeds through a share tender offer.
By Dayo Laniyan; [email protected]
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