CLS Holdings PLC Tender Offer (3025I)
August 26 2016 - 11:48AM
UK Regulatory
TIDMCLI
RNS Number : 3025I
CLS Holdings PLC
26 August 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
CLS Holdings plc
("CLS" or the "Company")
Proposed purchase of 1 in every 100 Ordinary Shares of 25p
each
in the Company ("Ordinary Shares") at 1,750 pence per share
by way of a tender offer (the "Tender Offer")
On 17 August 2016, the Board of CLS announced in its half yearly
financial report for the period ended 30 June 2016 its intention to
purchase 1 in every 95 Ordinary Shares by way of a tender offer at
1,650 pence per share.
Since that announcement however, the Company's share price has
continued to rise. As a result of this and under the terms of the
Tender Offer, the Board has amended the Tender Offer such that
shareholders will be entitled to sell 1 in every 100 Ordinary
Shares held at 1,750 pence per share.
Today CLS has posted a circular to shareholders in relation to
the Tender Offer on the terms set out above. If the maximum number
of 411,510 Ordinary Shares is acquired under the Tender Offer, this
will result in approximately GBP7.2 million being paid by the
Company to participating shareholders.
The Tender Offer is open to all eligible shareholders on the
Company's register at 6.00pm on 12 September 2016, who may
participate by tendering all or a proportion of their holdings of
Ordinary Shares at the above price. The Tender Offer will be void
if less than 0.1 per cent. of the issued ordinary share capital of
the Company (excluding treasury shares) in aggregate is tendered.
The Ordinary Shares purchased under the Tender Offer will be
cancelled.
Copies of the Tender Offer Circular and Tender Form have been
submitted to the UK Listing Authority's National Storage Mechanism
and will shortly be available at www.hemscott.com/nsm.do.
The Tender Offer Circular will shortly be available on the CLS
website at www.clsholdings.com, in the Investor Relations section
under Shareholder Documents. Copies of the documents may also be
obtained from the Company Secretary.
Enquiries:
David Fuller
Company Secretary
CLS Holdings plc
+44 (0) 20 7582 7766
Elm Square Advisers Limited
Jonathan Gray
+44 (0) 20 7823 3695
Elm Square Advisers Limited is advising CLS in relation to the
Tender Offer and no one else and will not be responsible to anyone
other than CLS for providing the protections afforded to the
customers of Elm Square Advisers Limited nor for providing any
advice in relation to the Tender Offer.
This announcement, which has been issued by the Company and is
the sole responsibility of the Company, has been approved only for
the purposes of Section 21 of the Financial Services and Markets
Act 2000 of the United Kingdom by Elm Square Advisers Limited, 10
Queen's Elm Square, London SW3 6ED, a firm which is authorised and
regulated in the United Kingdom by the Financial Conduct
Authority.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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