16th Sep 2019 13:29
(Alliance News) - Stilo International PLC said Monday it received tenders for 510,710 shares as part of its tender offer, just 3% of the total it was willing to buyback.
Stilo develops tools to help organizations automate the conversion of content to XML.
In late August, Stilo announced the proposal of a tender offer in which it would purchase up to 14.7 million shares, reflecting 15% of its shares in issue, at a price of 1p per share.
On the same day, the company proposed the cancellation of all its shares from AIM, subject to shareholder approval at a general meeting on September 30.
The tender offer will not go through if any of the resolutions at the general meeting are rejected by shareholders.
Shares in Stilo International were 20% lower at 1.00 pence on Monday afternoon in London.