9th Apr 2019 10:26
LONDON (Alliance News) - Shares in furnishing and wallpaper firm Colefax PLC rose Tuesday as it announced a tender for up to 8% of its shares.
Colefax has enlisted Peel Hunt to carry out the tender, which will see it purchase back a maximum of 784,560 shares.
The price will be the lower of either 550 pence a share or 105% of the closing price per share in the five business days prior to Colefax's take-up announcement date, expected to be April 26.
Assuming a price of 550p, this would be a 16% premium to its Monday closing price. Colefax shares were 13% higher on Tuesday morning at 538p each.
At the 550p price, Colefax would be spending GBP4.3 million in the tender.
Related Shares:
Colefax Grp.