By Anthony O. Goriainoff
Nexus Infrastructure PLC said Tuesday that it will return up to 63 million pounds ($76 million) to shareholders by way of a tender offer, and that its performance in the first quarter of fiscal 2023 was in line with the board’s expectations.
The U.K. infrastructure group said the tender offer will be conducted at a price of 163 pence per ordinary share, representing a 1.8% discount to Monday’s closing price of 166 pence.
Nexus said it expects directors will continue to hold approximately 23% of the company’s issued ordinary share capital post completion of the tender offer.
“Implementation of the tender offer is conditional upon, amongst other things, the approval of shareholders,” the company said.
The board said that although no dividend will be paid for fiscal 2022 given the return in capital, it expects the company to pay an interim dividend for fiscal 2023.
Shares at 0854 GMT were down 5 pence, or 3%, at 160 pence.
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