By Anthony O. Goriainoff
Anpario said Friday it will propose to return up to 9 million pounds ($11.3 million) to shareholders via a tender offer and that current challenges in the agricultural industry had affected its sale performance in 2023.
The company also said that although its 2023 performance and outlook were in line with market expectations, its sale performance since the start of the year continued at the weaker levels seen in the fourth quarter of 2022.
The board said it expected the company’s performance to improve as the year progressed, adding that concerns over supply-chain risks and logistics delays have begun to ease and directors have been able to reduce inventory and working capital levels.
The London-listed animal-feed additives manufacturer said the offer will have a tender price of 225 pence a share for a maximum of 4 million ordinary shares and that this price represented a 16% premium to Thursday’s closing price of 194 pence a share.
The company said it will propose a special resolution in regards to the tender offer at a general meeting to be held on June 19, and that it expects to renew its general share buyback authority at the next annual general meeting, to be held on June 29.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
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