CIP Merchant Capital Ltd - AIM-listed closed-ended investment company incorporated in Guernsey - Says Corp Financiere Europeenne SA confirms it is not intending to make an offer for the company, having previously announced a possible 50 pence per share all-cash offer. CIP has already turned down the offer, having previously called it "opportunistic". CFE says it will continue seeking to engage with CIP's board, as its largest shareholder with an approximately 16% stake.
"CFE continues to consider that the principal benefits CIP and its shareholders should expect from its shares being publicly traded including, access to capital and liquidity for shareholders, are not being achieved and the costs of maintaining CIP's public quote are a drain on CIP's resources," says CFE.
Current stock price: 56.0 pence
Year-to-date change: up 11%
By Anna Farley; annafarley@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
