4th Feb 2016 10:48
LONDON (Alliance News) - MXC Capital Ltd on Thursday said it is proposing a cash return to shareholders by way of a tender offer in view of its good results for its last financial year.
The investing company said it has resolved to undertake a buyback programme of up to 20% of the GBP5 million realised gains it made in the year ended August 31 by way of the tender offer, which involves the proposed purchase of 1 in every 142 shares at 3.6 pence each.
The tender offer will allow shareholders the opportunity to sell more than their tender offer entitlement, being up to their entire holding of shares, to the extent that other shareholders tender less than the entitlement.
In such case, surplus tenders will be accepted in proportion to the number of additional shares tendered so that the total number of shares purchased does not exceed 22.3 million, which represents 0.7% of the company's issued share capital.
If the maximum number of 22.3 million shares are purchased, GBP0.8 million will be paid to shareholders.
Shares in MXC were trading down 0.1% at 3.55 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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