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(Alliance News) - Geospatial software provider IQGeo Group PLC said on Friday that it is launching a tender offer to give shareholders excess cash generated from the sale of RTLS SmartSpace.
IQGeo sold RTLS to a firm controlled by Investcorp Technology Partners for GBP35.0 million in November.
As part of the scheme, the company said, its broker finnCap Ltd will purchase 28.3 million shares in the company at a price of 46.00 pence each, a 5% premium to the middle market closing price of 43.50p on July 31.
If all the shares in the tender offer are purchased, it will result in GBP13.0 million being paid to shareholders.
IQGeo will seek shareholder approval for the scheme during a general meeting on August 22. The tender offer is expected to close on August 30.
Shares in IQGeo were 1.7% down at 43.25 pence each in London on Friday afternoon.
