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LONDON - Seed Innovations Limited (AIM:SEED) announced Monday that shareholders tendered only 5.7% of the maximum shares available in its recent tender offer, which the company interprets as strong support for its new investment focus on robotics, AI and other disruptive technologies.
The AIM-quoted investment company offered to purchase up to 86,826,818 ordinary shares, representing approximately 45% of its issued share capital, but shareholders validly tendered just 4,982,818 shares. The tender price was 2.2 pence per share, resulting in a total cost to the company of £109,622.
Following the purchase, Seed Innovations will retain cash of approximately £3.1 million, equivalent to 1.6 pence per share based on the resultant shares in issue after cancellation of the tender shares and shares held in treasury.
"We are encouraged that only a small number of shareholders chose to participate in the tender offer, which reflects a strong endorsement of our new investing policy," said Luke Cairns, Interim Chair, in the press release statement.
The company will cancel the 4,982,818 tendered shares along with 22,269,946 ordinary shares currently held in treasury. Application has been made for cancellation of a total of 27,252,764 ordinary shares from trading on AIM, expected to become effective September 10.
After these transactions, Seed Innovations’ ordinary issued share capital will be 187,967,077 shares with no shares held in treasury.
The tender offer closed on September 5, and proceeds will be paid to tendering shareholders by September 19.
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