Avarae Global Coins announces results of tender offer

Avarae Global Coins announced the result of its tender offer on Friday, as set out in the shareholder circular published on 19 September.

The AIM-traded firm said that under the Tender Offer, 9,027,441 ordinary shares were validly tendered and 9,027,441 ordinary shares will be purchased at a price per ordinary share of 11.5p, for an aggregate purchase price of £1,038,155.68.

It said the ordinary shares to be purchased under the tender offer represent approximately 11.17% of the company's issued ordinary share capital.

“It is anticipated that the proceeds payable under the tender offer to the company's shareholders who hold their ordinary shares in certificated form will be despatched no later than 1 November in the form of a cheque,” the board said in a statement.

“Those shareholders who hold their ordinary shares in uncertificated form will have their CREST accounts credited no later than 1 November.”

As set out in the circular, Avarae said the ordinary shares will be purchased by WH Ireland pursuant to the tender offer and the company will purchase such ordinary shares from WH Ireland under the terms of the repurchase agreement.

“The company intends to cancel the ordinary shares purchased by it under the repurchase agreement, reducing the number of ordinary shares in issue from 80,783,334 to 71,755,893.”