Avingtrans PLC Result of Tender Offer and Director's Interests (6265O)
November 08 2016 - 7:47AM
UK Regulatory
TIDMAVG
RNS Number : 6265O
Avingtrans PLC
08 November 2016
8 November 2016
Avingtrans plc
("Avingtrans" or the "Company")
Result of Tender Offer and Directors' Interests
The Company today announces the results of the Tender Offer set
out in the shareholder circular published by the Company on 3
October 2016 (the "Circular"). The Tender Offer closed at 1.00 p.m.
on 4 November 2016.
Result of Tender Offer
Under the Tender Offer, 9,691,361 Ordinary Shares were validly
tendered and 9,691,361 Ordinary Shares will be purchased at a price
per Ordinary Share of 200p, for an aggregate purchase price of
GBP19.4 million. The Ordinary Shares to be purchased under the
Tender Offer represent approximately 35 per cent. of the Company's
issued ordinary share capital.
It is anticipated that the proceeds payable under the Tender
Offer to the Company's shareholders who hold their Ordinary Shares
in certificated form will be despatched no later than 21 November
2016 in the form of a cheque. Those shareholders who hold their
Ordinary Shares in uncertificated form will have their CREST
accounts credited no later than 21 November 2016.
As set out in the Circular, the Ordinary Shares will be
purchased by Numis pursuant to the Tender Offer and the Company
will purchase such Ordinary Shares from Numis under the terms of
the Repurchase Agreement described in the Circular. The Company
intends to cancel the Ordinary Shares purchased by it under the
Repurchase Agreement, reducing the number of Ordinary Shares in
issue from 28,009,249 Ordinary Shares to 18,317,888 Ordinary
Shares.
Directors' Interests
The Directors' participation in the Tender Offer is set out
below:
Number Percentage Number Number Percentage
of Ordinary of issued of Ordinary of Ordinary of issued
Shares share Shares Shares ordinary
prior capital sold following share
to the prior under the Tender capital
Tender to the the Tender Offer following
Offer Tender Offer cancellation
Offer at 200p of the
per Ordinary Tender
Share Offer
shares
----------------- ------------- ----------- -------------- ------------- --------------
Roger McDowell 2,406,409 8.6 1,000,000 1,406,409 7.7
----------------- ------------- ----------- -------------- ------------- --------------
Steve McQuillan 431,707 1.5 206,707 225,000 1.2
----------------- ------------- ----------- -------------- ------------- --------------
Stephen King 360,495 1.3 180,247 180,248 1.0
----------------- ------------- ----------- -------------- ------------- --------------
Jeremy Hamer 114,500 0.4 85,000 29,500 0.2
----------------- ------------- ----------- -------------- ------------- --------------
Graham Thornton 40,000 0.1 20,000 20,000 0.1
----------------- ------------- ----------- -------------- ------------- --------------
Les Thomas - - - - -
----------------- ------------- ----------- -------------- ------------- --------------
Austen Adams - - - - -
----------------- ------------- ----------- -------------- ------------- --------------
Capitalised terms used in this announcement have the same
meanings given to them in the Circular.
Enquiries:
Avingtrans plc
Steve McQuillan, Chief Executive
Officer 0135 469
Stephen King, Chief Financial Officer 2391
Numis
Richard Thomas (Corporate Finance
and Nominated Adviser) 0207 260
Tom Ballard (Corporate Broking) 1000
N+1 Singer (Joint Broker)
Shaun Dobson 020 7496
Lauren Kettle 3000
Newgate (Financial PR)
Adam Lloyd 020 7653
Ed Treadwell 9850
This information is provided by RNS
The company news service from the London Stock Exchange
END
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