GlobalData to return up to £60 million to shareholders via tender offer

LONDON - GlobalData Plc (AIM:DATA), the data, insight, and technology company, announced Tuesday plans to return up to £60 million to shareholders through a tender offer at £1.50 per share, representing a 5.1 percent premium to Monday’s closing price.

The company will purchase up to 40 million shares, approximately 4.96 percent of its issued share capital, according to a statement based on a press release. The tender offer will open today and close on September 5, subject to shareholder approval at a general meeting scheduled for August 29.

Qualifying shareholders will be entitled to tender up to 4.95 percent of their holdings with guaranteed acceptance, with additional shares accepted on a pro-rata basis depending on overall participation. The tender price represents a 5 percent premium to the 30-day volume weighted average price.

"In line with the Group’s objective of enhancing shareholder value, with a focus on growing revenue, strategic M&A and reinvesting and returning capital, the Board is proposing to return up to £60 million of capital to Shareholders," the company stated in its announcement.

The tender offer comes ahead of GlobalData’s proposed move from London’s AIM market to the main market of the London Stock Exchange (LON:LSEG). The company noted that the share repurchase should have a positive impact on earnings per share, as all repurchased shares will be canceled.

Mike Danson, GlobalData’s Chief Executive Officer, has not yet decided whether to participate in the tender offer, while director Peter Harkness intends to tender 17,800 shares, representing 5.6 percent of his holding.

The board unanimously recommends shareholders vote in favor of the resolution at the general meeting but is making no recommendation regarding participation in the tender offer itself.

The tender offer is conditional upon receiving valid tenders for at least one percent of the company’s issued share capital, among other conditions.

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