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LONDON (Alliance News) - Marwyn Value Investors Ltd said Friday it had priced its GBP5 million buyback offer announced last week at between 125 pence and 135p per share.
Shares in Marwyn, which invests in medium-sized companies, were untraded at 119.00p on Friday, giving it a market capitalisation of GBP94 million.
Marwyn will complete the buyback through a reverse bookbuild with the firm reserving the right to increase or reduce the GBP5 million consideration total after it has determined the total number of shares offered for sale during the process.
Final pricing for the deal will be determined at the end of the offer period - being next Tuesday - by selecting "lowest clearing price submitted within the above range" which will allow it to buy the GBP5 million worth of shares.
Last Thursday, Marwyn announced the offer in order to narrow its share price discount. At the end of November, the net asset value per share stood at 203p, meaning its current share price represents a 41% discount to NAV.