Tender Offer

RNS Number : 3025I

CLS Holdings PLC

26 August 2016

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

CLS Holdings plc

("CLS" or the "Company")

Proposed purchase of 1 in every 100 Ordinary Shares of 25p each

in the Company ("Ordinary Shares") at 1,750 pence per share

by way of a tender offer (the "Tender Offer")

On 17 August 2016, the Board of CLS announced in its half yearly financial report for the period ended 30 June 2016 its intention to purchase 1 in every 95 Ordinary Shares by way of a tender offer at 1,650 pence per share.

Since that announcement however, the Company's share price has continued to rise. As a result of this and under the terms of the Tender Offer, the Board has amended the Tender Offer such that shareholders will be entitled to sell 1 in every 100 Ordinary Shares held at 1,750 pence per share.

Today CLS has posted a circular to shareholders in relation to the Tender Offer on the terms set out above. If the maximum number of 411,510 Ordinary Shares is acquired under the Tender Offer, this will result in approximately £7.2 million being paid by the Company to participating shareholders.

The Tender Offer is open to all eligible shareholders on the Company's register at 6.00pm on 12 September 2016, who may participate by tendering all or a proportion of their holdings of Ordinary Shares at the above price. The Tender Offer will be void if less than 0.1 per cent. of the issued ordinary share capital of the Company (excluding treasury shares) in aggregate is tendered. The Ordinary Shares purchased under the Tender Offer will be cancelled.

Copies of the Tender Offer Circular and Tender Form have been submitted to the UK Listing Authority's National Storage Mechanism and will shortly be available at www.hemscott.com/nsm.do.

The Tender Offer Circular will shortly be available on the CLS website at www.clsholdings.com, in the Investor Relations section under Shareholder Documents.  Copies of the documents may also be obtained from the Company Secretary.

Enquiries:

David Fuller

Company Secretary

CLS Holdings plc 

[phone]

Elm Square Advisers Limited

Jonathan Gray

[phone]

Elm Square Advisers Limited is advising CLS in relation to the Tender Offer and no one else and will not be responsible to anyone other than CLS for providing the protections afforded to the customers of Elm Square Advisers Limited nor for providing any advice in relation to the Tender Offer.

This announcement, which has been issued by the Company and is the sole responsibility of the Company, has been approved only for the purposes of Section 21 of the Financial Services and Markets Act 2000 of the United Kingdom by Elm Square Advisers Limited, 10 Queen's Elm Square, London SW3 6ED, a firm which is authorised and regulated in the United Kingdom by the Financial Conduct Authority.

 

END

 

 

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