Analyst Research Report Snapshot

Title:

IFG GROUP - TENDER OFFER ANNOUNCED AS EXPECTED

Price:

$10.00

Provider:

Edison Investment Research

Date:

06 Nov 2012

Pages:

6

Type:

AcrobatPDF

Companies referenced:

IFG.I

Available for Immediate Download
Summary:

IFG has given the details of its previously-announced £30m (€37m) share buyback. Shareholders can make a tender offer at €1.65 per share, an 18% premium to the 1 November price and 14% premium to the three-month average before this date. Assuming a full take-up of the offer, 22.6m shares will be cancelled (we had 24.8m in our numbers). The tender offer route should minimise the share price disruption that this significant return of capital (17.87% shares) could otherwise create.

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