10th Nov 2026 06:23
River UK Micro Cap Ltd - London-based investor focused on companies with market caps under GBP100 million - Offers to redeem up to 50% of its share capital. Says due to the illiquidity of its investments, it expects to return the proceeds to participating shareholders periodically within 6 to 12 months. Additionally, announces the division of its assets into two pools: a "redemption pool" consisting of cash, assets and liabilities attributable to the shares over which valid redemption requests are made; and a "continuing pool" containing all other cash, assets and liabilities. Should all redemption requests be met, and the net asset value of the continuing pool fall below GBP42.5 million, the offer will terminate. In that case, the company would then put up a proposal for it to be wound up. Back in August, River UK Micro Cap said that it would present proposals to enable a full cash exit for all shareholders if it had not returned a minimum of GBP10 million of capital through its redemption mechanism by June 30 2028. The board has proposed to amend that date to a rolling three-year cycle, subject to the realisation opportunity being implemented.
13% shareholder Verition Fund Management LLC backs the offer. Verition head of Special Situations Pierre Weinstein comments: "We commend the board for acting decisively and in the interest of all shareholders. By offering shareholders an exit at a price based on NAV, the proposal addresses the persistent discount at which the company's shares have traded. It gives those who want liquidity a clear route to it, while remaining shareholders benefit from a lower management fee and continued exposure to the portfolio. We appreciate the board's constructive engagement and look forward to the proposal being implemented."
Current share price: 265.00 pence, closed up 4.3% in London on Monday
12-month change: up 29%
By Aidan Lane, Alliance News reporter
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