Overview
The Qatar Investment Fund has announced a proposed tender offer to purchase up to 14% of the company’s issued share capital. The tender price will be a 1% discount to the Formula Asset Value on the 2 December 2015 with the results of the tender offer announced on 7 December 2015. The board says that it is aware that the company’s shares are tightly held and that liquidity can be limited. The tender offer therefore gives shareholders the opportunity to realise some of their investment at close to NAV.
The final size of the tender offer was determined by the average discount to NAV per share at which the company’s shares traded in the twelve month period from 9 October 2014 to 8 October 2015 (14.7%). If the average discount had been sub 10%, no tender offer would have been proposed. The record date is the 20 October 2015 and the tender offer is subject to the discontinuation resolution not passing at the company’s AGM on 12 November 2015.
Qatar Investment Fund proposes 14% tender : QIF