- £3.71mn tender offer at 33p to buy out minority shareholders
- Proposed cancellation of Aim listing
- Loan book declines from £47.9mn to £44.8mn
- First-half pre-tax profit down 44 per cent to £0.7mn
Interim results from commercial property lender Vector Capital (VCAP:33p) were overshadowed by news of a tender offer to buy out minority shareholders using the company’s cash balances and a proposed cancellation of the Aim listing.
Majority shareholder Vector Holdings holds 75.1 per cent of the shares in issue and will not be participating in the tender offer, so other shareholders are left with a stark choice. Either tender your shares at a 41 per cent discount to book value per share of 56p, or hold a minority interest in an unlisted vehicle. Low trading volumes and the £0.2mn annual cost of maintaining the Aim listing are reasons cited for the proposed delisting. Vector Capital’s chief executive Ajam Jain is the majority shareholder of Vector Holdings.
