Guys,

can I ask for your help.

I've been investing now for a couple of decades, I have a maths degree and I'm fairly savvy, but I am really struggling to know what to do with this "return of value to shareholders". I have read the tender offer several times but still I am unsure what to do. I'm not asking for advice, just any experience anyone has of a similar offer.

What is confusing me? There is no definite tender price...anything between £11.70 and £12.60. I can tender any number of shares from 0 to 100% but not all will necessarily be filled. The document seems to suggest that there is a guaranteed minimum but only if the "strike price" is at £11.70.

Any help would be greatly appreciated. I just don't understand why they didn't give 7% special dividend and be done with it!

M.

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