LONDON (Alliance News) - Strategic Equity Capital PLC Thursday said it has terminated its April tender offer to shareholders but intends to reintroduce another on "substantially the same terms" shortly, after it was told that the chief executive and chairman of its investment manager have resigned and been replaced.
Shareholders should note that no tenders submitted will be accepted, Strategic Equity Capital said.
In a statement, Strategic Equity Capital said London-based GVO Investment Management Ltd, formerly known as SVG Investment Managers, has informed it of the departure of Chief Executive Adam Steiner, who was an investment manager to the company, and Chairman Jonathan Morgan.
Stuart Widdowson will become an executive director of GVO and will continue to act as an investment manager to Strategic Equity Capital.
The April 3 tender offer had intended to allow shareholders to tender up to 4.0% of their holdings on the close of business on May 2.
GVO was founded in 2002 and is now a part of Swiss-based Hansa Aktiengesellchaft, having previously been a subsidiary of private equity group SVG Capital PLC.
In a statement Thursday, GVO said it has appointed Christopher Chambers, a former Man Group PLC executive, as its new chairman.
Jamie Seaton, who managed the GVO UK Focus Fund, will become GVO's chief executive.
Strategic Equity Capital shares were Thursday quoted at 156.93 pence, down 0.2%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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