9th Apr 2013 07:00
9 April 2013 |
Motivcom plc
("Motivcom", "the Company" or "the Group")
Results of Tender Offer
Motivcom plc (AIM:MCM), today announces the results of the Tender Offer, details of which were set out in the circular to shareholders published by the Company on 20 March 2013 (the "Circular").
A total of 8,619,950 Shares were validly tendered and as a result, the Basic Entitlement of all Shareholders who have validly tendered their shares will be accepted in full and excess tenders will be satisfied to the extent of approximately 13.23 per cent. of the excess shares tendered. Following application of the scale-back mechanism (as set out in the Circular), 3,010,181 Shares will be purchased at a price per Share of 110 pence (the "Tender Price"), for a total cost of £3,311,199.10. This represents approximately 10 per cent. of the issued share capital of the Company (excluding shares held in treasury).
It is anticipated that the proceeds payable to the Company's Shareholders for the certificated Shares purchased under the Tender Offer will be despatched by 19 April 2013 in the form of a cheque and that CREST account holders will have their CREST accounts credited on or before 19 April 2013.
Pursuant to the terms of the Repurchase Agreement the Company has granted Numis Securities Limited ("Numis") an option to require the Company to purchase the Shares acquired by Numis under the Tender Offer. If this put option is exercised such Shares will be purchased by the Company under the terms of the Repurchase Agreement at the Tender Price and will then be cancelled. The Tender Offer is subject to the conditions set out in the Repurchase Agreement being fulfilled. Following completion of the exercise of the put option under the Repurchase Agreement, the Company's issued share capital will be reduced by 3,010,181 Shares to 28,093,659 Shares (including Shares held in treasury).
Defined terms in this announcement are as those set out in the Circular.
- Ends -
For further information:
Motivcom | |
Sue Hocken | Tel: +44 (0) 845 053 5529 |
www.motivcom.com |
Grant Thornton Corporate Finance | |
Philip Secrett / Daniela Amihood | Tel: +44 (0)207 383 5100 |
www.gtuk.com |
Numis Securities Limited | |
David Poutney/James Serjeant/Nick Westlake | Tel: +44 (0)207 383 5100 |
Media enquiries:
Abchurch | |
Joanne Shears / Oliver Hibberd | Tel: +44 (0) 20 7398 7714 |
www.abchurch-group.com |
Related Shares:
MCM.L