DoD tests AI models that make it easy to switch from vendors like Palantir
LONDON - Benchmark Holdings plc, an international aquaculture biotechnology company, has announced a series of proposals following the sale of its Genetics Business, including the return of capital to shareholders, the cancellation of its Ordinary Shares trading on AIM and Euronext (EPA:ENX) Growth Oslo, and plans to re-register as a private limited company.
The company’s board has proposed a Tender Offer to purchase up to 226,934,325 Ordinary Shares at 25 pence each, totaling approximately £56.7 million. This offer represents a premium over recent trading prices and is part of a broader strategy to return £95 million to shareholders following the Genetics Business disposal.
Benchmark has cited the high costs and management resources required to maintain its public listings as outweighing the benefits, particularly given the reduced scale and specialized nature of its remaining operations. The board believes that the move will save approximately £2.4 million annually and allow for a more focused approach to business development.
The Tender Offer and subsequent delisting are contingent upon shareholder approval at a General Meeting scheduled for June 18, 2025, and the necessary Norwegian regulatory approval. If all non-Concert Party shareholders tender their shares, the Concert Party, consisting of Kverva AS, the JNE Funds, and FERD AS, could potentially gain 100% ownership of the company.
The board has also highlighted the low liquidity of Benchmark’s shares and the disproportionate impact of small trades on its share price as reasons for the proposed delisting. The delisting may result in reduced transparency and corporate governance, and shareholders may find it difficult to sell their shares post-delisting.
Benchmark’s remaining businesses, Advanced Nutrition and Health, are positioned as leaders in their respective sectors. The company expects to announce its half-year results for 2025 on June 12, with revenues of approximately £40.6 million, reflecting solid performance.
The board changes include the planned departures of Trond Williksen and Nathan "Tripp" Lane upon completion of the proposals, and the resignation of Septima Maguire effective June 30, 2025.
The Independent (LON:IOG) Directors, advised by Strand Hanson Limited, consider the Tender Offer terms to be fair and reasonable but have not made a recommendation to shareholders on whether to accept the Tender Offer. They have, however, recommended that shareholders approve the resolutions necessary to implement the proposals.
This announcement is based on a press release statement and provides shareholders with two options to benefit from the net proceeds of the Genetics disposal. The company’s three largest shareholders have committed to retain their holdings, signaling their confidence in the potential for future value creation.
The Tender Offer is expected to open following the receipt of Norwegian Approval, with the exact dates to be announced. If the Tender Offer resolution is not passed or the Norwegian Approval is not received, the company will not proceed with the delisting or the re-registration.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.