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Evolve Capital

  • BY: Andrew Hore |
  • POSTED: 24/01/2013 |

A mandatory bid of 0.35pm a share has been launched for investment company Evolve Capital following the concert party’s acquisition of 43.6m shares.

The bid values Evolve at £1.07m and it will not be increased. Net asset value was £4.31m at the end of June 2012, but this is likely to be lower now. The bid was launched because the concert party’s stake rose to 44.3%.

Evolve is still on course to leave Aim next month. Evolve will liquidate its assets and return cash, or even assets, to shareholders when practical and will not make any more long-term investments. There will be wind up votes at the annual general meeting in 2014 and every subsequent year. If a yes vote is not recommended the board will set out how it will realise the remaining investments and the potential timescale.

The choice is between accepting a firm offer or waiting to see whether more cash can be realised from disposals over the next few years.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2013_40.pdf

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