(Alliance News) - Chenavari Capital Solutions Ltd said Monday it will return GBP11.0 million to shareholders through a compulsory partial redemption of up to 12.8 million shares at a price of 85.72 pence each.
This will be the tenth redemption undertaken by the company, with the 12.8 million shares reflecting 38% of Chenavari's issued share capital.
On this basis, a holder of 10,000 shares would have 3,820 shares redeemed, thus receiving GBP3,274 in cash. Fractions of shares will not be redeemed, and so the number of shares to be redeemed will be rounded down to the nearest whole number of shares.
The redemption date is set for March 19.
Shares in Chenavari Capital Solutions were up 5.1% at 69.90 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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