October 4, 2016 / 5:01 PM / in 10 months

BRIEF-SVG Capital looks to wind down the company

Oct 4 (Reuters) - SVG Capital Plc :

* Proposed sale of 50 pct of investment portfolio and wind down of company

* Board of SVG Capital proposes to wind down company to maximise cash returns to shareholders

* Agrees in principle key commercial terms of proposed sale of 50 pct of investment portfolio to Pomona Capital and Pantheon Ventures for 379 mln stg

* This compares to an asset value of 401 mln stg as at July 31 2016

* Deal value represents an aggregate 7.8 pct discount (on a constant currency basis) to July 31 value of these assets

* Proposed asset sale to Pomona Capital And Pantheon Ventures is supported by all members of board - SVG chairman

* Expects to launch a further 300 mln stg tender offer at prevailing net asset value early in 2017

* Plans a 450 mln stg tender offer before year end at 700 pence per share

* Board continues to recommend that shareholders do not accept HarbourVest Bidco's offer Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below