Minds + Machines completes tender offer and subscription

4th Oct 2016 10:34

(ShareCast News) - Minds + Machines Group announced the results of its tender offer and subscription on Tuesday, after the exercise closed at 1.00pm on Monday.The AIM-traded company confirmed 100,000,000 ordinary shares will be purchased at a price of 13p per share, for an aggregate consideration of £13m.Tenders for up to and including the entitlement of one ordinary share for every 7.56 ordinary shares will be met in full representing approximately 81.22% of the ordinary shares being purchased by the company.The remaining 18.78% of the ordinary shares being bought back under the tender offer will be purchased on the basis of one ordinary share for every 22.09 ordinary shares tendered, pursuant to demand for excess shares by eligible shareholders.Minds + Machines said the ordinary shares to be purchased under the tender offer represent approximately 13.22% of the current ordinary shares in issue.Of the 100,000,000 ordinary shares being bought back, 57,692,308 will be cancelled.The balance will be subscribed for by Goldstream Capital Master Fund I, wholly-owned by Hony Capital, as part of a subscription deal announced by the board on 20 September."Hony's investment through Goldstream is a major endorsement of the significant growth potential the Far East can continue providing to the group in the near to mid-term," said CEO Toby Hall."Their expertise in supporting businesses expanding across the region is exceptional."We likewise look forward to continuing to grow our presence in Europe and the US over the next 24 months."At 1131 BST, shares in Minds + Machines Group were up 0.79% at 12.47p.