26th Sep 2019 13:06
(Alliance News) - Northern Bear PLC on Thursday said it aware of another party's plan to make a significant share purchase, but did not give any advice to shareholders.
Earlier on Thursday, Cedarvale Holdings Ltd said it would be buying 5.4 million Northern Bear shares at a price of 72 pence each via a tender offer. The price is a 20% premium over the firm's closing price in London on Wednesday, and values the share purchase at GBP3.9 million.
Northern Bear was 11% higher on Thursday morning at a price of 68.06p each.
This amount of shares would equate to a 30% stake in Northern Bear, which would give Cedarvale the power to block special resolutions put forward by Northern Bear's board. Cedarvale did stress that it has no plans to make an offer for the entirety of Northern Bear.
"The board was not made aware of the tender offer until late on September 25. The board takes no position at this time with respect to the tender offer and shareholders who are in any doubt about the tender offer or what action to take are recommended to consult a an independent professional adviser duly authorised under the Financial Services & Markets Act 2000 who specialises in advising on the acquisition of shares and other securities before taking any action," said Northern Bear.
Cedarvale is a private investment firm owned by Canadian Jeff Baryshnik, who is currently president of Republic Funds USA Inc, a company he founded in 2009.
By George Collard; [email protected]
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