Corporate Actions
Tender Offer
On 15 September 2008, the Company announced the launch of a tender offer to repurchase up to £50 million of Ordinary Shares in the Company. A circular was sent to shareholders on 15 September 2008, containing the detailed terms of that tender offer. However, on 13 October 2008, the Company announced that as the Company's Ordinary Shares were trading at a 22 per cent discount to the bottom of the price range set out in the tender offer, it no longer believed the tender offer to be in the best interests of the Company or the shareholders as a whole and withdrew the tender offer.
On 13 October 2008, the Company announced that it would launch a new tender offer to repurchase up to £25 million of Ordinary Shares in the Company and a new price range was set for this tender offer. This offer was launched on 27 October 2008 and led to 52.9 million Ordinary Shares (7.3 per cent of the Company's issued Ordinary Share capital at 27 November 2008) being repurchased for immediate cancellation at a total cost of £24.8 million.
For further details about the tender offer please click on the following links:
