Ascential plc has announced the results of its tender offer, special dividend, and share consolidation ratio. The company intended to return £850m to shareholders through a tender offer, special dividend, and share buyback programs. The tender offer resulted in the purchase of 95,238,033 Ascential shares at a price of 315 pence per share, totaling £300 million. Additionally, a special dividend of 128.6 pence per existing Ascential share, amounting to approximately £450 million, will be paid on 3 June 2024 to shareholders on the register as of 17 May 2024. The share consolidation ratio is set at 10 new Ascential shares for every 17 existing Ascential shares.
The tender offer was oversubscribed, with the aggregate value of Ascential shares validly tendered exceeding £300 million. As a result, tenders were accepted based on specific criteria, and shareholders will be notified about the level of their shareholdings in Ascential following the tender offer. The company anticipates that the proceeds payable to qualifying shareholders will be credited to their accounts or dispatched as a cheque on specific dates in May 2024. Following the purchase of Ascential shares, the company intends to cancel them, reducing its issued share capital.
Overall, Ascential's announcement reflects the successful completion of the tender offer, the declaration of a substantial special dividend, and the implementation of a share consolidation ratio, providing shareholders with a clear overview of the company's capital return initiatives.