Dublin-based life sciences investment company Malin has revealed details of its plans for a €140 million share buyback.
The offer, which will complete in March 2023, has a price of €9.30 per ordinary share, a premium of almost 25 per cent to the share price of €7.46 at the close on February 14th and a discount of 7.6 per cent to Malin’s estimated intrinsic equity value per ordinary share of €10.07.
The buyback, which was initially announced in December last year, comes following the sale of Malin’s remaining shares in Nasdaq-listed biotechnology firm Immunocore.
An extraordinary general meeting is set for March 10th.
Zuckerberg’s culture shift at Meta could make it hard to find new recruits willing to work in his macho organisation
Keeping sea lice from farmed fish will boost aquaculture health and profits
Bosch Unlimited 7 Aqua review: Saving time and effort on household cleaning
Irish space race: domestic companies pushing the frontiers of AI, space stations and acoustic technology
Irish jewellery designer Chupi: 'The divorce ring is a whole new category'
“We are delighted to continue to deliver on our long-standing commitment to return the excess capital of the business to our shareholders with this proposed return of up to €140 million by way of a tender offer,” said Liam Daniel, chairman of Malin. “This return of capital follows the divestment of our entire stake in Immunocore which generated cash proceeds of approximately €145 million and other inflows from our investee companies of approximately €21 million during 2022.”
Following the completion of the tender offer, Malin will have a cash balance of approximately €33 million. That will be used to fund the company’s operations, including investments into Malin’s existing assets.
The buyback follows on from Malin returning €95 million to investors in 2021, following the sales that year of stakes in two other investee companies.
