Result of Tender Offer and Director's Interests

RNS Number : 6265O

Avingtrans PLC

08 November 2016

 

8 November 2016

Avingtrans plc

("Avingtrans" or the "Company")

Result of Tender Offer and Directors' Interests

The Company today announces the results of the Tender Offer set out in the shareholder circular published by the Company on 3 October 2016 (the "Circular"). The Tender Offer closed at 1.00 p.m. on 4 November 2016.

Result of Tender Offer

Under the Tender Offer, 9,691,361 Ordinary Shares were validly tendered and 9,691,361 Ordinary Shares will be purchased at a price per Ordinary Share of 200p, for an aggregate purchase price of £19.4 million.  The Ordinary Shares to be purchased under the Tender Offer represent approximately 35 per cent. of the Company's issued ordinary share capital.

It is anticipated that the proceeds payable under the Tender Offer to the Company's shareholders who hold their Ordinary Shares in certificated form will be despatched no later than 21 November 2016 in the form of a cheque. Those shareholders who hold their Ordinary Shares in uncertificated form will have their CREST accounts credited no later than 21 November 2016.

As set out in the Circular, the Ordinary Shares will be purchased by Numis pursuant to the Tender Offer and the Company will purchase such Ordinary Shares from Numis under the terms of the Repurchase Agreement described in the Circular. The Company intends to cancel the Ordinary Shares purchased by it under the Repurchase Agreement, reducing the number of Ordinary Shares in issue from 28,009,249 Ordinary Shares to 18,317,888 Ordinary Shares.

Directors' Interests

The Directors' participation in the Tender Offer is set out below:

	Number of Ordinary Shares prior to the Tender Offer	Percentage of issued share capital prior to the Tender Offer	Number of Ordinary Shares sold under the Tender Offer at 200p per Ordinary Share	Number of Ordinary Shares following the Tender Offer	Percentage of issued ordinary share capital following cancellation of the Tender Offer shares
Roger McDowell	2,406,409	8.6	1,000,000	1,406,409	7.7
Steve McQuillan	431,707	1.5	206,707	225,000	1.2
Stephen King	360,495	1.3	180,247	180,248	1.0
Jeremy Hamer	114,500	0.4	85,000	29,500	0.2
Graham Thornton	40,000	0.1	20,000	20,000	0.1
Les Thomas	-	-	-	-	-
Austen Adams	-	-	-	-	-

Capitalised terms used in this announcement have the same meanings given to them in the Circular.

Enquiries:

Avingtrans plc Steve McQuillan, Chief Executive Officer Stephen King, Chief  Financial Officer	0135 469 2391
Numis  Richard Thomas (Corporate Finance and Nominated Adviser) Tom Ballard (Corporate Broking)	0207 260 1000
N+1 Singer (Joint Broker) Shaun Dobson Lauren Kettle	020 7496 3000
Newgate (Financial PR) Adam Lloyd Ed Treadwell	020 7653 9850

 

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