LONDON - Alpha Real Trust Limited (ART) disclosed the outcome of its recent tender offer on Monday, revealing a lower than expected shareholder uptake. The company had extended an offer to repurchase up to 7,264,918 of its shares, which approximates to 12% of its voting share capital, at a price of 208.8 pence per share.
The tender offer, which concluded on January 17, 2025, saw shareholders tender approximately 8.0% of the voting share capital, with 4,890,609 shares validly tendered. This figure represents about 67.3% of the shares available for the offer, and the company confirmed that all valid tenders would be fulfilled in full.
Following the repurchase, the total ordinary share capital of ART will stand at 63,580,029 shares, including 7,717,581 shares held in treasury. Consequently, the total voting rights in the company will decrease to 55,862,448. Shareholders have been advised to use this number as the denominator for any calculations required to notify changes in their interest in ART, in accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
In addition to the tender offer results, ART reiterated its intention to delist from the Specialist Fund Segment of the London Stock Exchange (LON:LSEG)'s Main Market. The expected last day of trading is slated for January 22, 2025, with the cancellation taking effect at 7:00 a.m. on January 23, 2025.
The company's announcement is based on a press release statement, which also noted that the terms used are consistent with those detailed in the circular issued on December 6, 2024. The circular is available on the company's website.
The move comes as part of ART's broader strategy, although the press release did not elaborate on the reasons behind the tender offer or the cancellation of trading. Shareholders can expect to receive proceeds from the tendered shares beginning January 21, 2025, with payments being made either via cheque dispatch or credit to CREST accounts.
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