SVG Capital PLC Posting of Circular and opening of Tender Offer (4011P)
November 17 2016 - 1:01AM
UK Regulatory
TIDMSVI
RNS Number : 4011P
SVG Capital PLC
17 November 2016
Announcement of Posting of Circular and opening of Tender
Offer
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO ANY
JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL
Following the announcement on 18 October 2016 of the proposed
sale of 100% of its investment portfolio and wind down, SVG Capital
(the "Company") is today posting a Circular to shareholders
containing details of the:
-- proposed change of investment objective and policy;
-- proposed sale of the Company's investment portfolio
(completion of which is subject to certain conditions, as
summarised in the Circular);
-- proposed tender offer series, including a first tender offer of up to GBP350 million; and
-- general meeting to be held on 5 December 2016 (including the notice of general meeting)
Highlights
-- Change of investment objective and policy to allow for an
orderly realisation of the Company's assets and progressive return
of cash to shareholders
-- Series of tender offers to return up to GBP1,050 million to
shareholders as part of total expected return to shareholders of
approximately GBP1,118 million through tender offers and subsequent
winding-up
-- First tender offer of up to GBP350 million priced at 715p per
share, subject to certain conditions as set out in the Circular
-- General meeting to be held at 10.00 a.m. on 5 December 2016
to approve the change in investment objective and policy and to
give the Company authority to make market purchases in connection
with the tender offer series. Receipt of each approval is a
condition to the proposed sale of the Company's investment
portfolio
Summary Timetable
-- Tender Offer opens: 17 November 2016
-- Latest time and date for receipt of Forms of Proxy: 10.00 a.m. on 1 December 2016
-- General meeting: 10.00 a.m. on 5 December 2016
-- Latest time and date for receipt of Tender Forms and share
certificates in relation to the Tender Offer: 3.00 p.m. on 15
December 2016
-- Latest time and date for receipt of TTE instructions in
relation to the Tender Offer: 3.00 p.m. on 15 December 2016
-- Tender Offer Record Date: 6:00 p.m. on 15 December 2016
-- Announcement of results of the Tender Offer: 7:00 a.m. on 16 December 2016
A copy of the Circular will be submitted to the National Storage
Mechanism and will shortly be available for inspection at
www.morningstar.co.uk
A copy of the Circular is now available to view on the Company's
website at: www.svgcapital.com
For further information, please contact:
SVG Capital plc 020 3457 0000
Alice Kain
Maitland 020 7379 5151
Neil Bennett/Tom Eckersley
This information is provided by RNS
The company news service from the London Stock Exchange
END
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