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(Alliance News) - Nexus Infrastructure PLC on Wednesday said it returned around GBP60.6 million to shareholders via a tender offer of shares in the company.
The Essex, England-based infrastructure services provider said acceptances were received for 37.1 million shares out of a possible 38.7 million shares, at the tender price of 163 pence each. The maximum number of shares on offer was equivalent to 84% of issued share capital, Nexus said.
Shares in Nexus were up 6.2% to 164.65p each in London on Wednesday afternoon.
Nexus Infrastructure said all valid tenders were accepted and will be purchased in full, before being cancelled on Friday this week. The total return to be returned to shareholders is GBP60.6 million.
The target return was GBP63 million, with the surplus of GBP2.4 million set to be retained by the company.
Non-Executive Director Mike Morris sold 8.4 million shares in the tender offer, reducing his interest to 1.7 million shares. Taking into account the number of shares being cancelled, Morris's holding will fall to 18.6% from 21.8%.
Details of the tender offer were first announced by Nexus Infrastructure in late February.
By Greg Rosenvinge, Alliance News reporter
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