(Alliance News) - Oleeo PLC on Thursday proposed a tender offer and to cancel its shares trading on AIM.
The recruitment software provider also reported a rise in profit and revenue for its recently ended financial year.
The tender offer will be opened on Friday, where the company will offer to purchase up to 1.3 million shares at a price of 165 pence per share, equal to the closing price on Wednesday. The shares were untraded on Thursday.
Oleeo has received irrevocable undertakings from 6.4 million shares, reflecting 84% of its entire issued share capital, to not tender any shares.
Oleeo said it will propose the cancellation of its shares at its annual general meeting on December 3, where it will require no less than 75% of votes in favour from shareholders to be carried out.
Should the resolutions be approved, Oleeo expects to announce the tender offer results on December 6, and then cancel its shares on December 12.
For the year ended July 31, Oleeo reported pretax profit of GBP667,256, up 36% from GBP490,504 the year before, on revenue that grew by 7.0% to GBP10.7 million from GBP10.0 million.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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