(Alliance News) - Alpha Real Trust Ltd on Thursday said it will redeem GBP9.5 million in shares under its tender offer.
Back in June, the Guernsey-based property finance investor announced a tender offer for up to 6.4 million shares at 175 pence each. The offer price represents a premium of 38% to the closing share price of 127.00p each on June 28, being the last day before the announcement.
Shares in Alpha Real Trust were down 2.8% to 155.00 pence each in London on Thursday afternoon.
It said that this would "provide liquidity to ordinary shareholders".
On Wednesday, Alpha Real Trust said that 5.4 million shares were tendered under the offer. This represents 8.7% of the company's shares in issue as at June 27.
The shares tendered under the offer will be repurchased by the company and held in its treasury.
By Sophie Rose; sophierose@alliancenews.com
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Alpha Real (ARTL)