RE: Share purchase7 Dec 2025 13:10
Used this weekend to have a read again thru the circular and the subsequent 1st Dec dated RNS where they have reduced the amount of shares subject to the 6.27p buyback offer (157.7 million instead of the 182 million that were originally intended) and the following is summary outcome as per my understanding (DYOR):
Total number of OPG shares = 400,733,511
Number of shares held by Family Concert Party (not subject to the buyback) = 206,507,166
Hence maximum number of shares potentially available for buyback = 400,733,511 - 206,507,166 = 194,226,345
Hence the ratio being purchased in the buyback versus the maximum available = 157,700,000 / 194,226,345 = 81.194%
So if 100% of the maximum available shares for buyback were voted as such, then the pro-rata amount that the Company would buy is 81.194% of each shareholders holding. This would leave 18.804% of each shareholders holding not being bought back and hence subject to the post delisting status or perhaps based on the timetable that was provided there could be a small window of opportunity to sell the returned unpurchased stock at the prevailing market rate during the last AIM trading day of 23rd December, if the unsold portion of stock is returned timely to shareholders accounts within the trading window open time.
The likely reality is that not all 100% of the 194,226,345 maximum available shares will be voted for the buyback offer for various reasons (e.g. some shareholders will decide to retain their holding and target to pursue for a greater future return after the delisting, some shareholders may have circumstances (tax issues etc) that is preventing them from partaking, some shareholders will have missed seeing all the communications on the buyback offer and not vote (default = No for a non vote), some shareholders will not know how to do the voting through their shares account, etc). Whilst I doubt the number of non buyback voting shares will be up to as much as the full difference between the maximum available and the number to be purchased (194,226,345 - 157,700,000. = 36,526,345 shares) it will likely be quite a significant amount that will increase the pro-rata purchase % for those who decide to vote for the buyback to become closer to 100% from the lowest case value of 81.194%.
Hence every shareholder can accordingly consider their stock holding, average price, etc based on the above scenario versus current market trading price, the expectations for post de-listing status, and determine which course of action they prefer to proceed with based on their own particular circumstances. Good Luck!
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