(RTTNews) – PureTech Health PLC (PRTC), a clinical-stage biotherapeutics company Monday said it has launched its proposed $100 million tender offer today, as part of its capital return to the shareholders.
The company offers to purchase up to 33.5 million of shares, including American depository shares (ADSs), about 12 percent of PureTech’s issued share capital as on May 16, 2024, at a price of 250 pence per share or 25 pounds per ADS.
The Tender Price represents a premium of 25 percent to PureTech’s trailing volume weighted average price per Share over the three days prior to 19 March 2024, on which date the company announced the proposal.
If the company could not return the full $100 million through tender offer, and if there is sufficient surplus, then it plans to return the surplus amount as special dividend.
The Tender offer will close on June 20, 2024 for the company’s ordinary shares and on June 18 for ADSs.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.