CLS Holdings has announced terms of its proposed £10m share buy-back.
The investor and developer intends to purchase one in every 66 ordinary shares at an offer price of 1495p a share, which equates to a maximum of £10m being paid to shareholders if all 665,966 shares are acquired.
CLS said the tender offer is open to all eligible shareholders on the company’s register at 5pm on 15 April 2014, who may participate by tendering all or a proportion of their holdings of ordinary shares at the above price.
The offer will be void if less than 0.1% of the issued ordinary share capital of the company – excluding treasury shares – in aggregate is tendered.
The shares purchased under the offer will be cancelled.
bridget.o’connell@estatesgazette.com
