(Alliance News) - Malin Corp PLC on Tuesday said it will return EUR140 million to shareholders, through a tender offer.
In February, the Dublin-based investor in life sciences companies launched a EUR140 million tender offer.
It said it would acquire 15.1 million shares at the tender price of EUR9.30 per existing share. This represented a 25% premium on its share price at close on February 15, being the last business day before the initial announcement.
Malin shares were flat at EUR8.20 in Dublin on Tuesday afternoon. The company has a market capitalisation of EUR283 million.
The shares represent around 44% of the company's issued share capital.
"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," Chair Liam Daniel said in February.
"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.
By Sophie Rose, Alliance News reporter
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