(Alliance News) - Let's Explore Group PLC on Tuesday said it was launching a tender offer for up to 65% of its share capital following the decision to return up to GBP12.5 million to shareholders after the sale of its location-based entertainment business.
Let's Explore is a Nottingham, England-based entertainment company that changed its name from Immotion Group at the start of March after selling its LBE business.
Let's Explore launched the offer to buy back up to 283.0 million shares, about 65% of its total share capital, at 4.75 pence per share.
The stock up 11% on Tuesday in London at 4.10p each.
Broker Cenkos Securities PLC will purchase the shares before selling them back to Let's Explore.
Let's Explore on Tuesday confirmed its capital reduction, which is a prerequisite of the tender offer.
Let's Explore said it has agreed to lend money to Chief Executive Martin Higginson, Development Director David Marks, and Finance Director Dan Wortley to allow them to exercise their share options in full. The three then will sell their shares as part of the tender offer and repay the company with the proceeds.
Let's Explore will hold a general meeting on May 26 for shareholders to vote on all aspects of the capital return plan.
Let's Explore said it has a "strong" balance sheet of approximately GBP19.0 million cash and is due to receive a further USD1.3 million plus interest from the buyer of the LBE business in February next year.
By Emma Curzon, Alliance News reporter
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