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SVG Capital completes tender offer

SVG Capital plc will repurchase 41,762,005 ordinary shares, representing 63.8% of the company's issued share capital, validly tendered at 715 pence per share, for a total consideration of £298.6 million under a tender offer that closed April 7.

The tender offer, which was not fully subscribed from the maximum of 55,944,055 shares tendered, will result in the company holding a higher cash balance than expected. SVG Capital's board said it will review potential methods to return the cash to shareholders and consider a larger cash distribution as part of its wind-up, adding that it expects to propose a resolution to shareholders regarding the latter on or after May 31.

SVG Capital completed an initial repurchase of £350 million in December 2016, while a second buyback was completed in February.

Following the repurchase, SVG Capital canceled the shares, reducing its total issued share capital to 23,682,995 from 65,445,000 ordinary shares.