SVI Svg Cap.

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RNS Number : 9910B

SVG Capital PLC

10 April 2017

SVG Capital plc (the "Company")

10 April 2017

Results of Tender Offer

The Company today announces the results of the Tender Offer set out in the shareholder circular published by the Company on 10 March 2017 (the "Circular") and which closed on 7 April 2017.

41,762,005 Ordinary Shares were validly tendered and will be purchased at a price per Ordinary Share of 715 pence, for a total cost of GBP298,598,335.75. This represents approximately 63.8 per cent. of the issued share capital of the Company. Shareholders who tendered more than their Individual Basic Entitlement were not subject to scale back and had their Individual Excess Tenders satisfied in full.

It is anticipated that the proceeds payable to the Company's Shareholders for the certificated Ordinary Shares purchased under the Tender Offer will be despatched by 18 April 2017 in the form of a cheque and that CREST account holders will have their CREST accounts credited by 12 April 2017.

As set out in the Circular, the Ordinary Shares will be purchased by J. P. Morgan Cazenove pursuant to the Tender Offer and the Company will buy-back such Ordinary Shares from J.P. Morgan Cazenove. The Company intends to cancel such Ordinary Shares, reducing its total issued share capital from 65,445,000 Ordinary Shares to 23,682,995 Ordinary Shares.

The Board notes that the Tender Offer was not fully subscribed with 41,762,005 shares of the maximum of 55,944,055 shares tendered. This will result in the Company holding higher cash balances than anticipated and the reduced size of the Tender Offer will reduce the transaction costs associated with it. The Board will review potential methods of returning cash to shareholders, as well as considering the possibility of a larger cash distribution to shareholders as part of the winding-up of the Company, and will issue a further announcement in due course. The Board still expects to propose a winding up resolution to Shareholders on or after (but not before) 31 May 2017.

Capitalised terms used in this announcement have the same meaning as ascribed to them in the Circular.

For further information please contact:

SVG Capital plc

Stuart Ballard: 020 3457 0090

This information is provided by RNS

The company news service from the London Stock Exchange

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April 10, 2017 02:00 ET (06:00 GMT)

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