(Alliance News) - Better Capital PCC Ltd 2012 Cell on Tuesday said it intends to acquire all 12.7 million of its shares held by BECAP12 Fund LP.
Back in December 2016, Better Capital entered into a buyback contract with BECAP12 Fund to acquire up to 57.1 million 2012 Cell shares from the fund.
In June last year, Better Capital acquired 15.9. million 2012 Cell shares from the fund and those shares were immediately cancelled.
Better Capital said it will now buy all of the remaining 12.7 million 2012 Cell shares held by the fund. The shares will be purchased on Tuesday at 9.96 pence each, being the volume weighted average price of the 2012 Cell shares on Monday.
Following the share buyback, Better Capital said it will immediately cancel all the 2012 Cell shares acquired from the fund, reducing the number of 2012 Cell shares in issue to 289.5 million from 302.2 million.
Better Capital 2012 Cell shares were trading 7.7% higher on Tuesday in London at 10.50p each.
In a separate statement, the investment firm said 2012 Cell has secured the proceeds from the sale of Spicers-OfficeTeam's subsidiaries.
In April, Better Capital said it was informed by BECAP12 Fund that the portfolio company Spicers-OfficeTeam has sold its Waterlow Business Supplies and Oyez Professional Services for an undisclosed sum.
On Friday, Spicers-OfficeTeam has made a repayment of GBP3.0 million to BECAP12 Fund, which, in turn, authorised a payment to 2012 Cell from the proceeds of the sale.
The 2012 Cell, therefore, announced a fifth distribution of capital on Tuesday of 1.0p per share to its shareholders.