Avarae Global Coins PLC Result of Tender Offer (1502N)

TIDMAVR

RNS Number : 1502N

Avarae Global Coins PLC

21 October 2016

AVARAE GLOBAL COINS PLC

("Avarae" or the "Company")

Result of Tender Offer

The Company today announces the result of the Tender Offer set out in the shareholder circular published by the Company on 19 September 2016 (the "Circular"). The Tender Offer closed at 11.00 a.m. on 20 October 2016.

Result of Tender Offer

Under the Tender Offer, 9,027,441 Ordinary Shares were validly tendered and 9,027,441 Ordinary Shares will be purchased at a price per Ordinary Share of 11.5 pence, for an aggregate purchase price of GBP1,038,155.68. The Ordinary Shares to be purchased under the Tender Offer represent approximately 11.17 per cent. of the Company's issued ordinary share capital.

It is anticipated that the proceeds payable under the Tender Offer to the Company's shareholders who hold their Ordinary Shares in certificated form will be despatched no later than 1 November 2016 in the form of a cheque. Those shareholders who hold their Ordinary Shares in uncertificated form will have their CREST accounts credited no later than 1 November 2016.

As set out in the Circular, the Ordinary Shares will be purchased by WH Ireland pursuant to the Tender Offer and the Company will purchase such Ordinary Shares from WH Ireland under the terms of the Repurchase Agreement described in the Circular. The Company intends to cancel the Ordinary Shares purchased by it under the Repurchase Agreement, reducing the number of Ordinary Shares in issue from 80,783,334 Ordinary Shares to 71,755,893 Ordinary Shares.

As previously announced, cancellation of the admission of the Company's ordinary shares to trading on AIM is expected to occur at 7.00am on 25 October 2016.

 
            Nigel Gautrey/Matt    [phone] 
             Wood                  5614 
            Avarae Global Coins 
             plc 
 
Paul Shackleton/Nick              [phone] 
 Prowting                          1666 
WH Ireland Ltd 
 

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

 
                                                  2016 
 Purchase of Tender Offer Shares          On or around 
  under the Tender Offer                    24 October 
 De-Listing and cancellation              7.00 a.m. on 
  of admission of the Ordinary              25 October 
  Shares to trading on AIM 
 Despatch of cheques for Tender          No later than 
  Offer proceeds                            1 November 
 CREST accounts credited with            No later than 
  Tender Offer proceeds                     1 November 
 Despatch of share certificates          No later than 
  in respect of any revised holdings        1 November 
  of Ordinary Shares following 
  the Tender Offer, and any Ordinary 
  Shares held in CREST not tendered 
  pursuant to the Tender Offer 
 Proposed Buybacks                      Anticipated to 
                                        complete by 31 
                                            March 2018 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 21, 2016 03:12 ET (07:12 GMT)