Result of Tender Offer
Hargreaves Services plc has announced the results of its Tender Offer, which concluded on April 28, 2026. The company will purchase 2,352,941 Ordinary Shares at a price of 850 pence per share, returning approximately £20 million to shareholders. A total of 18,867,467 Ordinary Shares were validly tendered, representing 57.07% of the issued ordinary share capital. Following the tender offer, 1,602,941 shares will be cancelled and 750,000 will be held in treasury, resulting in 31,535,815 ordinary shares remaining in issue and 30,704,511 total voting rights. Payment to shareholders is expected by May 22, 2026.
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Following the close of the Tender Offer at 1.00 p.m. (UK time) on 28 April 2026, Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the environmental, infrastructure and property sectors announces the result of the Tender Offer, details of which were set out in the circular published by the Company on 27 March 2026 (the "Circular").
The maximum aggregate number of Ordinary Shares that could be purchased pursuant to the Tender Offer was 2,352,941 Ordinary Shares, representing approximately 7.12 per cent. of the Issued Ordinary Share Capital as at the Tender Offer Record Time. The Tender Price was 850 pence per Ordinary Share.
In total, 18,867,467 Ordinary Shares were validly tendered, equal to 57.07 per cent. of the Issued Ordinary Share Capital as at the Tender Offer Record Time.
Accordingly, a total of 2,352,941 Ordinary Shares will therefore be purchased under the Tender Offer. The total value which will be returned to Shareholders pursuant to the Tender Offer will be approximately £20 million.
In accordance with the terms and conditions of the Tender Offer as was contained in the Circular, all Excess Tenders will be scaled-back pro rata to the total number of such Ordinary Shares tendered in excess of the Basic Entitlement and up to the Excess Capacity.
Payment of the consideration due to Shareholders, whose tenders under the Tender Offer have been accepted, is expected to be paid by no later than 22 May 2026.
The Company announces that it has been notified that the Participating Directors have tendered their Basic Entitlements and a separate PDMR dealing announcement will be made in due course.
Total Voting Rights
Of the 2,352,941 Ordinary Shares that were successfully tendered, 1,602,941 Ordinary Shares will be cancelled and 750,000 Ordinary Shares will be retained in treasury in order to satisfy awards made in the future under the Share Schemes. Following the conclusion of the Tender Offer, the remaining number of Ordinary Shares in issue will be 31,535,815. The Company currently holds 81,304 Ordinary Shares in treasury and this will be increased to 831,304 Ordinary Shares following the conclusion of the Tender Offer. Therefore, the total voting rights in the Group following the conclusion of the Tender Offer will be 30,704,511. This figure for the total number of voting rights may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Unless otherwise defined in this announcement, capitalised terms used in this announcement will have the same meaning given to them in the Circular.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.