Taihua repurchases 7pc of share capital

Taihua announced the results of its tender offer on Wednesday, which was set out in the shareholder circular published on 6 February and which closed at 1300 GMT on 20 February.

The AIM-traded firm said under the Tender Offer, 7,490,352 shares were validly tendered and will be purchased at a price per share of 3.28p, for an aggregate purchase price of £245,683.45.

It said the shares to be purchased represented approximately 7.16% of the company's entire issued share capital.

“It is anticipated that the proceeds payable under the tender offer to the shareholders who hold their shares in certificated form will be dispatched no later than 28 February 2017 in the form of a cheque,” the board confirmed in a statement.

As it set out in the circular, the shares will be purchased by Daniel Stewart & Company pursuant to the tender offer, and the company will purchase such shares from them under the terms of the repurchase agreement as described in the circular.

“The shares will be acquired into treasury, and further announcements will be made in due course.

“The company intends to ultimately cancel the shares purchased by it under the repurchase agreement.”