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Tender Offer Update

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RNS Number : 2503Y
European Islamic Investment BankPLC
28 November 2014
 



European Islamic Investment Bank plc

(the "Company" or "EIIB")

 

Tender Offer update

 

Further to the announcements of 10 October 2014 in relation to the tender offer for up to £20 million (the "Tender Offer"), EIIB announces that it remains in discussions with its regulators and has not yet obtained all necessary regulatory consents to carry out the Tender Offer. Whilst the board of EIIB remains confident that it will receive this approval, it believes it would be unfair to those shareholders who have already accepted the Tender Offer to further extend the timetable given that applications are irrevocable once tendered and such shareholders should not lose control of their shares for an indefinite period.

 

Consequently, the Company has agreed with Westhouse Securities Limited ("Westhouse") to cancel the current Tender Offer set out in the circular to shareholders posted around 4 August 2014. As a result, acceptances of the Tender Offer are no longer valid and do not bind shareholders; shareholders who have already accepted the Tender Offer are now free to trade their shares if they so wish. Any documents relating to title in the shares that had been surrendered as part of acceptance of the Tender Offer will be returned to shareholders.

 

EIIB intends to launch a new tender offer with the same terms as those of the Tender Offer announced on 4 August 2014, including the tender offer price of 250p per share and the maximum amount of £20 million, as soon as permission from the regulator has been received. The Company is confident that it would be in a position to complete a new tender offer before the next Annual General Meeting of the Company at which time the authority granted to the Company to undertake the Tender Offer expires.  A further announcement will be made in due course.

 

 

 

Enquiries:

European Islamic Investment Bank plc

Tel: +44 (0)20 7847 9900

Zulfi Caar Hydari, CEO

 

Westhouse Securities

Tel: +44 (0)20 7601 6100

Antonio Bossi

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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