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LONDON - The European Smaller Companies Trust PLC has repurchased 50,710,953 ordinary shares at a price of 213.80 pence per share, representing approximately 18.2% of its issued share capital, according to a press release statement issued Thursday.
The repurchase, valued at approximately £108.4 million, was executed as part of a tender offer through the company’s Cash Exit Option. All repurchased shares will be held in treasury.
Payments for shares held in uncertificated form are expected to be processed through CREST on July 4, while shareholders holding certificated shares should receive payment checks on the same date.
Following the transaction, the company’s issued ordinary share capital remains 279,246,204 shares of 1.5625 pence each, with 51,644,691 shares now held in treasury. The total number of voting rights in the company has decreased to 227,601,513.
The company noted that one tendering shareholder was unable to settle their tender election, resulting in a slight reduction from the previously announced 50,726,953 Cash Exit Shares.
The European Smaller Companies Trust PLC is managed by Janus Henderson Fund Management UK Limited. The tender offer was initially outlined in a circular to shareholders published on April 15.
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