FD Technologies plc (LON:FDP) today announced a proposed tender offer to return up to £120 million to shareholders.
FD Technologies had earlier stated its intention to return up to £120 million to shareholders following completion of the disposal of the First Derivative Business to EPAM Systems, Inc.
The Tender Offer Resolution will be put to Shareholders at a general meeting to be held at 12:00 noon (UK time) on Wednesday, 15 January 2025 at the offices of the Company at Brian Conlon House, 3 Canal Quay, Newry, County Down, BT35 6BP.
The Tender Offer would return up to £120 million to Qualifying Shareholders at a price of £19.50 per share by acquiring up to 6,153,846 ordinary shares of £0.005 each.
The Tender Offer represents up to approximately 21.8% of the expected issued share capital of FD Technologies as at the Tender Offer Record Date.
The Tender Price represents a premium of 3.7% to the closing price of £18.80 per Ordinary Share on 18 December 2024; and a premium of 2.2% to the volume-weighted average price (VWAP) of Ordinary Shares over the last 5 days to the Latest Practicable Date of £19.07.
The Company’s Directors unanimously recommend that the Shareholders vote in favour of the Tender Offer Resolution. The Company’s Directors, in their capacity as shareholders, intend to vote in favour of the Tender Offer Resolution at the General Meeting but do not intend to participate in the Tender Offer in respect of their individual holdings in Ordinary Shares.
The Tender Offer opens on 20 December 2024 and will close at 1:00 p.m. on 22 January 2025, unless such dates are altered by means of an announcement through a Regulatory Information Service.
