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AssetCo PLC - Middle East-focused provider of management and resources to the fire and emergency services - Announces tender offer for up to 6.5 million shares at a price of 411p. Says if maximum number of shares under the tender offer is acquired, this will result in about GBP26.9 million being returned to shareholders.
AssetCo says focus has continued to be on regaining and developing new business in the Middle East, and releasing the cash in receivables and bonds, and completing the action against the former auditors, Grant Thornton.
"Whilst the activities in the Middle East have been slowed by the Covid-19 pandemic, the company has been able to successfully conclude the litigation against Grant Thornton. The total award after the Court of Appeal ruling as announced on 2 October amounted to GBP28.6 million including litigation costs recovered, GBP4.5 million of which has been released and the remainder, the company expects to be released by the court in the near future," company says.
Current stock price: 411p
Year-to-date change: up 14%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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