14th Jan 2020 15:24
(Alliance News) - Chenavari Toro Income Fund Ltd on Tuesday said it is launching a tender offer to repurchase up to 5% of its shares.
Back in November 2018, the investment firm proposed to implement an annual liquidity process, pursuant to which, each year, for at least four years and subject to market conditions, Chenavari Toro shareholders will be invited to tender around 10% of their shares via one or more tender offers per year.
On Tuesday, Chenavari Toro said it will buy back shares at a price equal to 85% of the net asset value per share as at December 31. The company did not disclose its NAV per share as at the end of December, but at the end of November it stood at EUR0.9912.
Shares purchased under the tender offer will be held in treasury, the company said. The tender offer will be financed solely from the company's existing cash resources.
The tender offer is expected to close on February 13.
Chenavari Toro shares were trading 1.0% higher in London on Tuesday at EUR0.79 each.
By Evelina Grecenko; [email protected]
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