23rd Nov 2021 19:22
Malin Corp PLC - Dublin-based investor in life sciences companies - Intends to return up to EUR80 million to shareholders through a tender offer for up to 22% of its issued share capital.
The tender offer will be conducted at a price of EUR8.30 per share, which reflects a premium of 28% to the company's closing price on Monday at EUR6.50.
The tender offer will close on December 21.
"This follows the significant bolstering of our cash reserves and the repayment of our debt during 2021, following the divestments of Kymab and Altan at significant premiums to their last disclosed fair value estimates. Our cash balance of approximately EUR36 million following the completion of the tender offer, together with expected future realisation proceeds, will enable us to exploit future value-accretive strategic business opportunities and to support our remaining investee companies through to their maximal value potential," says Chief Executive Officer Darragh Lyons.
Current stock price: EUR6.65
Year-to-date change: up 62%
By Dayo Laniyan; [email protected]
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