Top Movers

Computacenter confirms results of £100m share buyback tender

By Josh White

Date: Tuesday 13 Feb 2018

Computacenter confirms results of £100m share buyback tender

(ShareCast News) - Computacenter posted the results of its tender offer on Tuesday, which was initially set out in a shareholder circular on 23 January, and closed on 9 February.
The FTSE 250 company said total of 44,089,779 ordinary shares were validly tendered and, with the strike price determined to be 1170p.

As a result, 8,546,861 ordinary shares would be purchased at a price of 1170p, for a total cost of £99.998m.

That would represent approximately 6.97% of the issued share capital of the company, the board confirmed.

"As the strike price has been determined to be the minimum price, only tenders of ordinary shares at 1170p or as strike price tenders will be accepted," the Computacenter board explained in its statement.

"Shareholders who tendered more than approximately 7.06% of their holding, being their guaranteed entitlement, either at 1170p or as a strike price tender, will be scaled down by approximately 95.58% of the number of excess ordinary shares so tendered."

Computacenter said it anticipated that the proceeds payable to the company's shareholders for the certificated ordinary shares purchased under the tender offer would be despatched by 19 February in the form of a cheque, and that CREST account holders would have their CREST accounts credited by 14 February.

As it set out in the circular, the company said the ordinary shares would be purchased by Credit Suisse pursuant to the tender offer, and the company expected to purchase such ordinary shares from Credit Suisse at the strike price.

"The company intends to hold the ordinary shares purchased pursuant to the tender offer in treasury.

"Following the tender offer, the company will hold 8,546,861 ordinary shares in treasury and the company will have 114,141,109 ordinary shares in issue excluding treasury shares."

..

Email this article to a friend

or share it with one of these popular networks:


Top of Page