(Alliance News) - Malin Corp PLC on Thursday it launched a proposed tender offer and the return of capital of up to EUR140 million to qualifying shareholders.
The Dublin-based investor in life sciences companies said this would be through purchasing and then cancelling up to 44% of its issued share capital, which it plans to complete in March.
It said the tender price of EUR9.30 per existing share represented a 25% premium on its share price at closing on Tuesday. An extraordinary general meeting will take place on March 10 to vote on the resolutions required to enact the tender offer.
Shares in Malin were up 3.5% to EUR7.74 each in Dublin on Thursday afternoon.
"We are delighted to continue to deliver on our long-standing commitment to return the excess capital of the business to our shareholders with this proposed return of up to EUR140 million by way of a tender offer," said Chair Liam Daniel.
"This return of capital follows the divestment of our entire stake in Immunocore which generated cash proceeds of approximately EUR145 million and other inflows from our investee companies of approximately EUR21 million during 2022.
"Our cash balance of approximately EUR33 million following the completion of the tender offer will be used to fund the company's operations, including possible investments into Malin's existing assets if strategically or financially attractive investment opportunities arise."
By Greg Rosenvinge, Alliance News reporter
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