Friday May 9, 08:16 AM
Tinopolis agrees £44.7m takeover
LONDON (ShareCast) - Private equity firm Vitruvian Partners has launched a recommended 45p a share cash offer for AIM listed TV production company Tinopolis (LSE: TIN.L - news)
worth £44.7m. Vitruvian, whose bid represents a 32% premium to last night's closing price, has received irrevocable undertakings to back the offer representing 55.6% of the shares. The executive managers at Tinopolis, Ron Jones, Arwel Rees, Jeff Foulser, Angharad Mair, Rhian Thomas and John Glynog Davies, have agreed to invest £4.5m in Vitruvian. They will put in £4.3m from approximately 53.8% of their gross proceeds from the acquisition and around £200,000 from their own resources in shares and loan notes in other companies in the Vitruvian group This will give them an economic entitlement to some 28.3% of the equity in Luxco and approximately £4.5m of nominal value in loan notes in Holdco. "The acquisition by Vitruvian Partners LLP represents an opportunity for Tinopolis Shareholders to realise their entire investment in Tinopolis, in cash at a premium to the current Tinopolis share price, within a relatively short period of time," said Rhys Davies, the independent director of Tinopolis. "Moreover, the acquisition fairly reflects the company's future growth prospects from executing its business plan as a publicly listed company."
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