Volvere PLC Result of Tender Offer (0242C)

TIDMVLE

RNS Number : 0242C

Volvere PLC

12 June 2019

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

Volvere plc

("Volvere" or the "Company")

Result of Tender Offer, Directors' Interests and Total Voting Rights

The Company today announces the results of the Tender Offer set out in the Circular published by the Company on 29 May 2019 (the "Circular"). The Tender Offer closed at 1.00 p.m. on 11 June 2019.

Result of Tender Offer

Under the Tender Offer, 1,213,608 Ordinary Shares were validly tendered under the Tender Offer (being 38.92 per cent. of the Company's Ordinary Shares in issue as at 11 June 2019 (excluding treasury shares)) and, as a result, the Tender Offer was not fully subscribed. The Basic Entitlement of all Shareholders who have validly tendered their Shares will be accepted in full and excess tenders will also be satisfied in full, meaning 100 per cent. of the excess Ordinary Shares validly tendered will be purchased. The total value of all Ordinary Shares purchased is GBP15.7 million.

It is anticipated that the proceeds payable under the Tender Offer to Shareholders who hold their Ordinary Shares in certificated form will be despatched on 19 June 2019 in the form of a cheque. Those shareholders who hold their Ordinary Shares in uncertificated form will have their CREST accounts credited by 19 June 2019.

As set out in the Circular, the Ordinary Shares will be purchased by Hobart pursuant to the Tender Offer and the Company will purchase such Ordinary Shares from Hobart under the terms of the Repurchase Agreement and transfer them into treasury.

Directors' Dealings and Related Party Transactions

As previously indicated, Jonathan Lander, CEO, and Nicholas Lander, COO, participated in the Tender, selling in aggregate 569,930 Ordinary Shares at a price of 1290 pence per Ordinary Share, as detailed below:

 
 Director    Shareholding     % of TVR       Shares   Shareholding     % of TVR 
                 prior to        prior         sold      following    following 
                   Tender    to Tender    in Tender         Tender       Tender 
 Jonathan 
  Lander          603,896        19.37      371,146        232,750        12.22 
 Nicholas 
  Lander          323,444        10.37      198,784        124,660         6.55 
----------  -------------  -----------  -----------  -------------  ----------- 
 Total            927,340        29.74      569,930        357,410        18.77 
 

David Buchler, the sole independent director, considers, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, that the terms of the participation of each of Jonathan Lander and Nicholas Lander in the Tender are fair and reasonable insofar as the Company's Shareholders are concerned.

Total Voting Rights

Following completion of the Tender Offer, the Company will have 6,207,074 Ordinary Shares in issue and admitted to trading on AIM and will hold 4,302,573 Ordinary Shares in treasury. The number of shares in issue (excluding treasury shares), and the figure to be used as the denominator for calculations of interests in the Company's voting rights, is 1,904,501.

Terms used in this announcement and not otherwise defined herein have the same meanings given in the circular containing the formal terms and conditions of the Tender Offer sent to Shareholders on 29 May 2019.

This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.

Capitalised terms used in this announcement have the same meanings given to them in the Circular.

For further information contact:

 
 Volvere plc 
 Jonathan Lander, CEO           Tel: + 44 (0) 20 7634 9707 
                                www.volvere.co.uk 
 Cairn Financial Advisers LLP 
  Sandy Jamieson/James Lewis      Tel: + 44 (0) 20 7213 0880 
 Hobart Capital Markets LLP 
  Lee Richardson                  Tel: + 44 (0) 20 7070 5691 
 
 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                                   Jonathan Lander 
      -------------------------------------  -------------------------------------------- 
 2     Reason for the notification 
      ----------------------------------------------------------------------------------- 
 a)    Position/status                        CEO 
      -------------------------------------  -------------------------------------------- 
 b)    Initial notification                   Initial 
        /Amendment 
      -------------------------------------  -------------------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      ----------------------------------------------------------------------------------- 
 a)    Name                                   Volvere plc 
      -------------------------------------  -------------------------------------------- 
 b)    LEI                                    213800GWXPMU8DUJ9G34 
      -------------------------------------  -------------------------------------------- 
 4     Details of the transaction(s): section to be repeated 
        for (i) each type of instrument; (ii) each type of transaction; 
        (iii) each date; and (iv) each place where transactions 
        have been conducted 
      ----------------------------------------------------------------------------------- 
 a)    Description of the                     Ordinary shares of 0.00001 pence each 
        financial instrument, 
        type of instrument 
 
       Identification code                    GB0032302688 
 
 b)    Nature of the transaction              Sale of Ordinary Shares via Tender 
                                               Offer 
      -------------------------------------  -------------------------------------------- 
 c)    Price(s) and volume(s) 
                                              ----------------------  ----------------- 
                                               Price(s)                Volume(s) 
                                              ----------------------  ----------------- 
    1290 pence                                                         371,146 
   -----------------------------------------------------------------  ----------------- 
 
 d)    Aggregated information 
 
  - Aggregated volume                    N/A 
 
  - Price 
 
 e)    Date of the transaction                11 June 2019 
      -------------------------------------  -------------------------------------------- 
 f)    Place of the transaction               London Stock Exchange (XLON) 
      -------------------------------------  -------------------------------------------- 
 
 
 1     Details of the person discharging managerial responsibilities 
        / person closely associated 
 a)    Name                                   Nicholas Lander 
      -------------------------------------  -------------------------------------------- 
 2     Reason for the notification 
      ----------------------------------------------------------------------------------- 
 a)    Position/status                        COO 
      -------------------------------------  -------------------------------------------- 
 b)    Initial notification                   Initial 
        /Amendment 
      -------------------------------------  -------------------------------------------- 
 3     Details of the issuer, emission allowance market participant, 
        auction platform, auctioneer or auction monitor 
      ----------------------------------------------------------------------------------- 
 a)    Name                                   Volvere plc 
      -------------------------------------  -------------------------------------------- 
 b)    LEI                                    213800GWXPMU8DUJ9G34 
      -------------------------------------  -------------------------------------------- 
 4     Details of the transaction(s): section to be repeated 
        for (i) each type of instrument; (ii) each type of transaction; 
        (iii) each date; and (iv) each place where transactions 
        have been conducted 
      ----------------------------------------------------------------------------------- 
 a)    Description of the                     Ordinary shares of 0.00001 pence each 
        financial instrument, 
        type of instrument 
 
       Identification code                    GB0032302688 
 
 b)    Nature of the transaction              Sale of Ordinary Shares via Tender 
                                               Offer 
      -------------------------------------  -------------------------------------------- 
 c)    Price(s) and volume(s) 
                                              ----------------------  ----------------- 
                                               Price(s)                Volume(s) 
                                              ----------------------  ----------------- 
    1290 pence                                                         198,784 
   -----------------------------------------------------------------  ----------------- 
 
 d)    Aggregated information 
 
  - Aggregated volume                    N/A 
 
  - Price 
 
 e)    Date of the transaction                11 June 2019 
      -------------------------------------  -------------------------------------------- 
 f)    Place of the transaction               London Stock Exchange (XLON) 
      -------------------------------------  -------------------------------------------- 
 

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June 12, 2019 12:17 ET (16:17 GMT)