LONDON - Sancus Lending Group Limited has completed a buyback of its zero dividend preference shares (ZDP Shares) and announced the impending cancellation of their listing, as per the company's statement today. This follows the initial announcement made on November 13, 2024, regarding the buyback and delisting plans.
The company successfully repurchased 1,854,910 ZDP Shares at a price of 108 pence per share, amounting to a total cost of £2,003,303. The acquired shares will be cancelled. Post-transaction, Sancus has 16,314,551 ZDP Shares in issue, with 11,894,628 held as treasury shares. This leaves 4,419,923 ZDP Shares with voting rights available in the market.
Shareholders can use this remaining figure as a denominator for calculations related to the FCA's Disclosure Guidance and Transparency Rules. The buyback was financed through the issuance of 8 percent unsecured Bonds to Somerston, totaling the same amount as the buyback.
The cancellation of the ZDP Shares' listing is scheduled for 7:00 a.m. on December 11, 2024. The delisting will remove the shares from the Official List and cease trading on the Main Market of the London Stock Exchange (LON:LSEG) (LSE). However, the company's ordinary shares will continue to trade on the AIM market of the LSE.
Post-buyback, ZDP Shares can still be traded on the Main Market until the delisting takes effect. After the cancellation, the ZDP Shares will remain tradeable, but not on the Main Market, and no formal trading facility like CREST will be available. This is expected to significantly diminish the ability of shareholders to dispose of their shares, which will be contingent on finding a willing buyer.
ZDP Shareholders who hold their shares in CREST will receive share certificates by December 31, 2024. The company has reminded that the forthcoming changes will not affect its ordinary shares, which will continue to be listed and traded as before. This move is part of Sancus's strategic financial management, and the information is based on a press release statement by the company.
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