ARGO Group Limited Result of Tender Offer (9547T)
26 March 2019 - 6:01PM
UK Regulatory
TIDMARGO
RNS Number : 9547T
ARGO Group Limited
26 March 2019
26 March 2019
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, OR INTO OR FROM
AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, RUSSIA OR SOUTH AFRICA OR
ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL
Argo Group Limited ("Argo" or the "Company")
Result of Tender Offer
Argo Group Limited today announces the results of the Tender
Offer, details of which were set out in the Circular published by
the Company on 7 March 2019 (the "Circular"). The Tender Offer
closed at 1.00 p.m. on 25 March 2019.
A total of 8,072,892 Ordinary Shares were validly tendered by
Shareholders under the Tender offer. A total of 8,072,892 Ordinary
Shares will be accepted for purchase by Panmure Gordon at a price
per Ordinary Share (the "Strike Price") of 26 pence, for a total
cost of approximately GBP2.1 million. This represents approximately
17 per cent of the Company's existing issued Ordinary Share
capital.
In accordance with the terms of the Tender Offer, all valid
tenders submitted were accepted in full. Ordinary Shares validly
tendered below the Strike Price will be purchased at the Strike
Price in accordance with the Circular.
As set out in the Circular, Panmure Gordon will purchase the
Ordinary Shares successfully tendered. As further set out in the
Circular, the Company will then repurchase from Panmure Gordon at
the Strike Price those Ordinary Shares purchased pursuant to the
Repurchase Agreement. The Company then intends to cancel the
Ordinary Shares, reducing the issued Ordinary Share capital from
47,032,878 Ordinary Shares to 38,959,986 Ordinary Shares.
The posting of cheques in respect of certificated Ordinary
Shares purchased pursuant to the Tender Offer and the crediting of
CREST accounts for uncertificated Ordinary Shares purchased
pursuant to the Tender Offer are expected to occur by 8 April
2019.
The crediting of CREST accounts with uncertificated Shares
unsuccessfully tendered and the dispatch of balance share
certificates for unsold certificated Ordinary Shares and the return
of share certificates for unsuccessful tenders of certificated
Shares are also expected to occur by 8 April 2019.
Capitalised terms and expressions have the same meaning as those
attributed to them in the Company's Circular dated 7 March
2019.
This announcement contains inside information for the purposes
of the Market Abuse Regulation No. 596/2014.
Enquiries:
Argo Group Limited
Andreas Rialas
020 7016 7660
Panmure Gordon
Dominic Morley
020 7886 2500
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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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