Parkwood Holdings (LSE:PKW)
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RNS Number : 2718H
Parkwood Holdings PLC
25 May 2011
Parkwood Holdings Plc (`Parkwood' or `the Company')
Result of Tender Offer
25 May 2011
The Company announces that in Tender Offer for up to 2,100,000 shares at a tender price of 70p per share, which closed at 1.00 pm on 23 May 2011, 3,901,550 shares were validly tendered by shareholders.
As a result of this over-subscription all shareholders who validly tendered their shares have been guaranteed acceptance of at least their "Basic Entitlement" (as defined in the circular issued 28 April 2011 ("the Circular")) of 29.15 per cent of the shares tendered (rounded down to the nearest share), except as set out below.
As set out in the Circular, the Board indicated that in the event of an over-subscription preference would be given to smaller shareholders, on the basis that the removal of any shareholders in full from the register is likely to bring administrative cost savings to the Company and the Company recognise that shareholders may not wish to hold uneconomic small numbers of shares. The Board has exercised its discretion in this manner, and those shareholders holding smaller quantities of shares (of up to around 15,000 shares) have had their tenders accepted in full.
Cheques in respect of the proceeds, and balance share certificates are expected to be sent to shareholders by no later than 8 June.
Following cancellation of the shares tendered the Company will have 15,888,120 shares in issue.
For further information:
Parkwood Holdings plc
Mike Quayle, Financial Director 01772 627111
Neil Baldwin 0845 213 4726
This information is provided by RNS
The company news service from the London Stock Exchange