RE: danbrown7 Nov 2017 14:25
LONDON (Alliance News) - Hansteen Holdings PLC said it will repurchase 412.9 million shares for a total of GBP578.1 million under its tender offer returning 140 pence per share to investors that was approved by shareholders late last month.
Hansteen said Peel Hunt will buy 412.9 million shares on Tuesday, equal to 50% of its entire issued share capital, which Hansteen will then purchase before cancelling them.
Joint Chief Executive Ian Watson and Morgan Jones tendered 5.9 million shares each under the offer, and each now hold 3.6 million shares, equal to 0.88% each. Non-Executive Chairman Melvyn Egglenton tendered 44,749 shares and is left with 27,657 shares, or a 0.007% interest.
Finance Director Richard Lowes tendered 1.2 million shares and is left with 737,612 shares, or a 0.179% interest. Senior Independent Non-Executive David Rough has 28,648 shares, or a 0.007% interest, after tendering 46,352 shares.
"We are very pleased with the level of take-up of this tender offer, which at 140p per share represents a very attractive return of cash to our shareholders," said the joint CEOs.
"We have retained enough capital to pursue near term, smaller scale opportunities and continue to see good potential to drive further value growth both through increasing income from our remaining portfolio by improving occupancy and growing rental levels and capitalising on the demand for industrial assets from the investment market," the joint CEOs added.