Hasgrove to delist in July after £10.25m pay-back

HASGROVE, the Manchester media company, will delist its shares next month after it has returned £10.25m to investors.

The AIM-listed firm said the last day of dealing of its shares will be on July 11, after which it will be re-registered as a private company.

Hasgrove said demand for its 82p per share tender offer – the means by which it is returning cash to shareholders – had out-stripped supply, with 17.9 million ordinary shares submitted 143% of the 125 million shares available.

As a result the company says that all tenders made by shareholder will be scaled back pro-rata to the number of shares they chose to tender. Small shareholders owning less than 50,000 shares however will receive the full allocation.

The group said in May it planned to delist on the grounds of relatively high cost and a lack of liquidity in its stock.

Following the de-listing the group will focus on Manchester and Preston-based design firm The Chase, Interact, a supplier of intranet software, and Landmarks, a Brussels-based design business.

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