Thruvision To Return GBP8 Million Via Tender Offer, Share Buy Back

12th Mar 2018 11:03

LONDON (Alliance News) - Shares in Thruvision Group PLC rose on Monday as it said it would return up to GBP8.0 million to its shareholders, on top of reporting positive progress in its financial year to date.

Shares in the people screening technology provider were up 23% at 12.15 pence on Monday.

Thruvision said it plans to return surplus capital generated from the GBP27.5 million sale of the video business through either a tender offer, on market buy-back programme or a combination of the two.

However, since the company does not have enough distributable reserves to effect the return of capital, it will hold a general meeting on March 28 to propose the cancellation of Thruvision's share premium account, which will cancel the amounts standing to the credit of each of the account and the capital redemption reserve and transferring them to the company's profit and loss account.

In addition, Thruvision said it shipped a record number of its people-screening units to customers in its financial year to date, which ends at March 31, with significant orders from the Philippines for mass transit screening, and China and Saudi Arabia in entrance screening.

Thruvision also reported significant progress made in the US with the Transportation Security Administration a agency of the US Department of Homeland Security, following the development of the product Thruvision TAC.

The trial of the product was described as "very promising" by the TSA Administrator David Pekoske, and production is expected to start following final product approval from the TSA over the summer.

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