14th Apr 2015 15:40
LONDON (Alliance News) - Pacific Horizon Investment Trust PLC Tuesday said its tender offer for up to 5% of its shares that it announced in February was over-subscribed.
The trust said 43.91% of the company's issued share capital was validly tendered. As a result, excess tenders will be satisfied for around 3.7% of the excess shares tendered, it said.
Pacific said the fair value cum income net asset value per share at the calculation date for the tender offer was 232.43 pence per share, which resulted in the tender price being 223.7658 pence per share. In February, Pacific said the tender price would be at a 2% discount to the fair value cum-income net asset value per share.
Pacific said it will repurchase over 3.3 million shares under the tender offer which the company will cancel.
Pacific shares were trading flat on Tuesday afternoon at 212.70 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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