Volvere PLC Result of Tender Offer (0242C)
June 12 2019 - 12:17PM
UK Regulatory
TIDMVLE
RNS Number : 0242C
Volvere PLC
12 June 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION
Volvere plc
("Volvere" or the "Company")
Result of Tender Offer, Directors' Interests and Total Voting
Rights
The Company today announces the results of the Tender Offer set
out in the Circular published by the Company on 29 May 2019 (the
"Circular"). The Tender Offer closed at 1.00 p.m. on 11 June
2019.
Result of Tender Offer
Under the Tender Offer, 1,213,608 Ordinary Shares were validly
tendered under the Tender Offer (being 38.92 per cent. of the
Company's Ordinary Shares in issue as at 11 June 2019 (excluding
treasury shares)) and, as a result, the Tender Offer was not fully
subscribed. The Basic Entitlement of all Shareholders who have
validly tendered their Shares will be accepted in full and excess
tenders will also be satisfied in full, meaning 100 per cent. of
the excess Ordinary Shares validly tendered will be purchased. The
total value of all Ordinary Shares purchased is GBP15.7
million.
It is anticipated that the proceeds payable under the Tender
Offer to Shareholders who hold their Ordinary Shares in
certificated form will be despatched on 19 June 2019 in the form of
a cheque. Those shareholders who hold their Ordinary Shares in
uncertificated form will have their CREST accounts credited by 19
June 2019.
As set out in the Circular, the Ordinary Shares will be
purchased by Hobart pursuant to the Tender Offer and the Company
will purchase such Ordinary Shares from Hobart under the terms of
the Repurchase Agreement and transfer them into treasury.
Directors' Dealings and Related Party Transactions
As previously indicated, Jonathan Lander, CEO, and Nicholas
Lander, COO, participated in the Tender, selling in aggregate
569,930 Ordinary Shares at a price of 1290 pence per Ordinary
Share, as detailed below:
Director Shareholding % of TVR Shares Shareholding % of TVR
prior to prior sold following following
Tender to Tender in Tender Tender Tender
Jonathan
Lander 603,896 19.37 371,146 232,750 12.22
Nicholas
Lander 323,444 10.37 198,784 124,660 6.55
---------- ------------- ----------- ----------- ------------- -----------
Total 927,340 29.74 569,930 357,410 18.77
David Buchler, the sole independent director, considers, having
consulted with the Company's nominated adviser, Cairn Financial
Advisers LLP, that the terms of the participation of each of
Jonathan Lander and Nicholas Lander in the Tender are fair and
reasonable insofar as the Company's Shareholders are concerned.
Total Voting Rights
Following completion of the Tender Offer, the Company will have
6,207,074 Ordinary Shares in issue and admitted to trading on AIM
and will hold 4,302,573 Ordinary Shares in treasury. The number of
shares in issue (excluding treasury shares), and the figure to be
used as the denominator for calculations of interests in the
Company's voting rights, is 1,904,501.
Terms used in this announcement and not otherwise defined herein
have the same meanings given in the circular containing the formal
terms and conditions of the Tender Offer sent to Shareholders on 29
May 2019.
This announcement is inside information for the purposes of
Article 7 of EU Regulation 596/2014.
Capitalised terms used in this announcement have the same
meanings given to them in the Circular.
For further information contact:
Volvere plc
Jonathan Lander, CEO Tel: + 44 (0) 20 7634 9707
www.volvere.co.uk
Cairn Financial Advisers LLP
Sandy Jamieson/James Lewis Tel: + 44 (0) 20 7213 0880
Hobart Capital Markets LLP
Lee Richardson Tel: + 44 (0) 20 7070 5691
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Jonathan Lander
------------------------------------- --------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------
a) Position/status CEO
------------------------------------- --------------------------------------------
b) Initial notification Initial
/Amendment
------------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name Volvere plc
------------------------------------- --------------------------------------------
b) LEI 213800GWXPMU8DUJ9G34
------------------------------------- --------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the Ordinary shares of 0.00001 pence each
financial instrument,
type of instrument
Identification code GB0032302688
b) Nature of the transaction Sale of Ordinary Shares via Tender
Offer
------------------------------------- --------------------------------------------
c) Price(s) and volume(s)
---------------------- -----------------
Price(s) Volume(s)
---------------------- -----------------
1290 pence 371,146
----------------------------------------------------------------- -----------------
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 11 June 2019
------------------------------------- --------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
------------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Nicholas Lander
------------------------------------- --------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------
a) Position/status COO
------------------------------------- --------------------------------------------
b) Initial notification Initial
/Amendment
------------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name Volvere plc
------------------------------------- --------------------------------------------
b) LEI 213800GWXPMU8DUJ9G34
------------------------------------- --------------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------------
a) Description of the Ordinary shares of 0.00001 pence each
financial instrument,
type of instrument
Identification code GB0032302688
b) Nature of the transaction Sale of Ordinary Shares via Tender
Offer
------------------------------------- --------------------------------------------
c) Price(s) and volume(s)
---------------------- -----------------
Price(s) Volume(s)
---------------------- -----------------
1290 pence 198,784
----------------------------------------------------------------- -----------------
d) Aggregated information
- Aggregated volume N/A
- Price
e) Date of the transaction 11 June 2019
------------------------------------- --------------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
------------------------------------- --------------------------------------------
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RTESFLFMEFUSEFM
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