LMS Capital PLC Results of Tender Offer (0169O)
August 15 2017 - 3:15AM
UK Regulatory
TIDMLMS
RNS Number : 0169O
LMS Capital PLC
15 August 2017
LMS Capital plc
Results of Tender Offer
LMS Capital plc (the "Company") today announces the results of
the Tender Offer set out in the circular published by the Company
on 26 July 2017 (the "Circular") which closed on 11 August 2017,
with shareholder approval having been given at a general meeting of
the Company held on 11 August 2017. As set out in the Circular, the
Tender Offer Price is 70 pence per Ordinary Share and the Basic
Entitlement is 16.29%.
52,362,194 Ordinary Shares were validly tendered under the
Tender Offer. All valid tenders will be satisfied in full up to the
Basic Entitlement, and, following application of the scale-back
mechanism (as set out in the Circular), approximately 15.65% of the
Ordinary Shares validly tendered in excess of the Basic Entitlement
will also be satisfied. After application of the scaling
provisions, 15,714,285 Ordinary Shares will therefore be purchased.
The total value of all Ordinary Shares purchased is GBP11 million.
Following the Tender Offer and Repurchase, members of the Concert
Party will together hold 43.15% of the issued share capital of the
Company.
It is anticipated that the proceeds payable to the Company's
Qualifying Shareholders for the certificated Ordinary Shares
purchased under the Tender Offer will be despatched in the form of
a cheque from 18 August 2017 and that CREST account holders will
have their CREST accounts credited from 18 August 2017.
As set out in the Circular, the Ordinary Shares will be
purchased by J.P. Morgan Cazenove pursuant to the Tender Offer and
the Company will buy-back such Ordinary Shares from J.P. Morgan
Cazenove. The Company intends to cancel such Ordinary Shares,
reducing its total issued share capital from 96,441,735 Ordinary
Shares to 80,727,450 Ordinary Shares (of which no Ordinary Shares
are held in treasury).
Capitalised terms used in this announcement (unless otherwise
defined) have the same meaning as ascribed to them in the
Circular.
For further information please contact:
LMS Capital plc
Martin Knight, Chairman 020 3837 6270
Gresham House Asset Management Limited
Graham Bird 020 3837 6270
J.P. Morgan Cazenove
Michael Wentworth-Stanley 020 7742 4000
J.P. Morgan Securities plc, which conducts its UK investment
banking business as J.P. Morgan Cazenove, is authorised by the
Prudential Regulation Authority and regulated by the Prudential
Regulation Authority and the Financial Conduct Authority and is
acting for the Company and no one else in connection with the
Waiver, Rule 9 Waiver Resolution, Tender Offer and Repurchase and
will not be responsible to anyone other than the Company for
providing the protections afforded to its clients nor for providing
advice in connection with the Waiver, Rule 9 Waiver Resolution,
Tender Offer and Repurchase.
Apart from the responsibilities and liabilities, if any, which
may be imposed on J.P. Morgan Cazenove by FSMA, the FS Act, or the
regulatory regimes established thereunder, J.P. Morgan Cazenove
accepts no responsibility whatsoever for the contents of this
announcement or the Circular and disclaims all and any liability
whether arising in tort, contract or otherwise (save as referred to
above) which it might otherwise have in respect of this
announcement or the Circular.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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