Share To Return Up To GBP5.7M To Shareholders In Tender Offer

8th Jun 2010 09:14

LONDON (Dow Jones)--Retail stockbroker and trading platform operator Share PLC (SHRE.LN) Tuesday said it plans to return up to GBP5.7 million to shareholders through a buyback tender offer. Chairman Martin Jacomb said the group has a "significant cash balance" and the board views the tender offer and repurchase as a way to get a more appropriate capital structure and to enhance the return on equity. Under the proposed tender offer, shareholders can tender up to 16% of their shares for repurchase by the company. The price will be set at a 15% discount to the average closing mid price on AIM for the five trading days ending Aug 27. Share is also offering shareholders with up to 35,000 shares the chance to sell all or part of their holding free of dealing commission. The price will be calculated in the same way as for the tender offer except that, under the commission free dealing, the 15% discount won't apply. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] (END) Dow Jones Newswires June 08, 2010 04:14 ET (08:14 GMT)