LONDON (Alliance News) - Terra Capital PLC on Friday said it is launching a tender offer for shareholders to sell up to 10% of their shares.
The investment manager said this has been triggered by it shares trading at a discount in excess of 12% of its net asset value per share during the last nine months of 2016.
Shareholders will be offered the opportunity to tender up to 10% of their shares in the company at a price equal to 97% of the net asset value per share at December 31, 2016, less the costs of making the tender offer.
The NAV per share at December 31 was USD1.01, giving a tender price of USD0.98, which Terra Capital said represents a premium of 14% to the middle market closing price of USD0.85 per share on Thursday.
Terra Capital will put a resolution regarding the tender offer forward to shareholders at an extraordinary general meeting on February 27.
Shares in Terra Capital were untraded on Friday.
By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews
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