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(Alliance News) - JZ Capital Partners Ltd on Tuesday said it will return USD30.0 million to shareholders following completion of its tender offer and off-market acquisitions.
The closed-end investment fund will purchase 3.2 million shares at a price of USD9.39 per share following a tender offer and off-market acquisitions, resulting in a USD30.0 million capital return to shareholders.
The tender offer was oversubscribed, with 26.7 million share tendered. The company will purchase 1.4 million shares under the tender offer. JZ Capital will also make off-market repurchases of 1.8 million shares.
The 3.2 million total repurchased shares will represent 4.05% of JZ Capital's share capital and will be cancelled. Following cancellation, the company's share capital will be 77.5 million ordinary shares, 11.9 million ZDP shares and CULS, the firm's convertible unsecured subordinated loan stock totalling GBP38.9 million.
The purchase and cancellation are expected to take place on Thursday.
Shares in JZ Capital were up 0.4% at 484.69 pence in London on Tuesday.