17th Feb 2023 10:10
(Alliance News) - Rotala PLC shares dropped on Friday, after is closed its GBP10.0 million tender offer.
In January, Rotala proposed to return GBP10.0 million to shareholders through a tender offer of 18.2 million shares at 55 pence each.
The tender offer price is at a 34% premium to the closing price on January 25, being the last business day before the announcement.
The bus operator's shares were down 7.3% to 46.82 pence each in London on Friday morning.
On Friday, Rotala said valid tenders were received in respect of 25.2 million shares. Of the total number of shares validly tendered and purchased by the company, 14.0 million shares will be cancelled, with 4.2 million shares being placed in treasury.
It added that since the tender offer was oversubscribed, not all the shares have been accepted and purchased.
As part of the tender offer, Kim Taylor tendered 181,818 shares, worth GBP100,000, Graham Spooner 268,000 shares, worth GBP147,400, and Graham Peacock 909,091 shares, worth GBP500,000. Taylor is now interested in 408,738 shares, a 1.32% stake. Spooner is now interested in 532,000 shares, a 1.71% stake. Peacock is now interested in 2.3 million shares, a 7.33% stake.
By Sophie Rose, Alliance News reporter
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