29th May 2019 15:39
LONDON (Alliance News) - Volvere PLC on Wednesday said it plans to return up to GBP16.6 million to shareholders by way of tender offer of shares.
The company will buy back up to 1.3 million shares, representing 41% of its capital, at a fixed price of 1,290 pence per share. The tender offer is expected to close on June 11.
Volvere shares were trading 11% higher at 1,280.00p each on Wednesday afternoon.
The investment firm said the reason for the tender offer is that it currently has about GBP32.2 million in cash. The company believes more appropriate to have GBP20 million in cash and therefore decided to return the surplus to investors.
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