Impax Environmental Markets realises all assets in tender pool

Fri, 15th May 2026 11:08

(Alliance News) - Impax Environmental Markets PLC on Friday reported the realisation of all assets in its tender pool, following last month's exit tender.

IEM is a London-based investor in companies it sees enabling the cleaner delivery of basic needs or mitigating environmental risks such as pollution and climate change.

It said all tender pool assets had been fully realised, with a final asset value of GBP738.4 million, reflecting a tender price of 494.76 pence.

IEM shares fell 1.6% to 452.36p on Friday morning in London, giving it a market capitalisation of GBP854.6 million. The stock is up 21% over the past year and 0.8% over the past five years.

Since the tender pool final asset value was lower than IEM's distributable reserves, all 148.2 million shares tendered will be accepted as tender exit shares and repurchased by Winterflood Securities Ltd, IEM noted.

Winterflood will buy the shares at the 494.76p tender price and then sell them to IEM, on or around next Tuesday. All repurchased exit tender shares will be cancelled.

Last month, Impax advised its shareholders to take no action after activist investor Saba Capital Management LP called for a general meeting, concerning proposals to replace IEM's board with Saba's nominees.

That announcement followed an exit tender in April which attracted 78% of shares.

IEM said it it believed that Saba had tendered the majority, if not all of its stake. Saba had reported that its post-tender holding in IEM was around 29.9%, while IEM had said Saba's stake was "difficult to determine".

"The board acknowledges the likelihood of Saba having effective control of the company following the completion of the exit tender offer, and as such, will constructively engage with Saba," IEM said last month.

For its part, Saba has expressed disappointment with IEM's performance, in a similar vein to its activism at other London-listed funds such as Edinburgh Worldwide Investment Trust PLC.

By Holly Munks, Alliance News reporter

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