Hansteen Holdings Plc is proposing a tender offer to purchase up to roughly £580 million of its ordinary shares.
Under the offer, shareholders may tender at least 1 in every 2 ordinary shares held for a cash purchase price of 140 pence per share. The purchase price represents a premium of 13.8% over Hansteen's March 20 closing price of 123.0 pence per share; a premium of 3.0% to the company's average closing price of 135.9 pence per share for the 30 business days to Oct. 3; a premium of 0.7% to the Oct. 3 closing price of 139.1 pence per share; and premium of 7 pence to the NAV per share of 133 pence as at June-end.
The offer will not affect the Oct. 27 interim dividend payment of 2.3 pence per ordinary share, to be received by shareholders on record as of Sept. 29.
The tender offer will close Nov. 3, and the cash price will be paid "shortly thereafter" the company said in a release.
The tender offer is subject to the approval of shareholders in a general meeting scheduled Oct. 25.
In March, the company said it intends to distribute to shareholders a "substantial proportion" of the net cash proceeds from the €1.28 billion sale of its German and Dutch portfolio. In August, the board recommended returning a total of up to £580 million in capital to shareholders by the end of 2017.