LONDON – Alpha Real Trust Limited (ART) announced the outcome of its recent tender offer on Monday, revealing lower than expected shareholder engagement. The company extended the offer to buy up to 7,264,918 of its shares, which is approximately 12% of its voting share capital, at a price of 208.8 pence per share.
In the tender offer, which closed on January 17, 2025, shareholders tendered approximately 8.0% of the voting capital stock, with 4,890,609 shares validly tendered. It is about 67.3 percent of the shares available for the offer, and the company confirmed that all valid offers will be fulfilled in full.
After the buyout, ART’s total ordinary share capital will amount to 63,580,029 shares, including 7,717,581 treasury shares. 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 all calculations required to notify them of changes in their interest in ART, in accordance with the Financial Conduct Authority’s Disclosure Guidelines and transparency rules.
With the results of the tender offer, ART reiterated its intention to withdraw from the segment of specialized funds London Stock Exchange (LON:) main market. The expected last day of trading is scheduled for January 22, 2025, and the cancellation is effective at 7:00 a.m. on January 23, 2025.
The company’s announcement is based on a public statement which also states that the terms used are consistent with those mentioned 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 specify the reasons behind the tender offer or cancellation of trading. Shareholders can expect to receive the proceeds of the Offered Shares beginning on January 21, 2025, with payments by check or credit to CREST accounts.
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