NFT Investments PLC (AQSE:NFT) said its board has set a date of May 26 to seek shareholder approval for the £30.5mln tender offer announced in March 2023, when group directors outlined a strategy to return capital to its shareholders and rein in its widening share price discount to net asset value (NAV).
The AQSE-quoted incubator intends to return value to shareholders following the April 2024 bitcoin halving event by purchasing its own shares through a tender offer on a pro-rata basis for a maximum of 857,142,857 shares.
‘Bitcoin halving’ halves the rate at which the benchmark cryptocurrency is minted, and historically coincides with a rally on the asset’s spot price.
Though a tender offer price has not been set, it will be a maximum of whichever is the greater of 3.5p per share or an amount equal to the NAV per share as announced by the group on a Regulatory Information Service “from time to time”.
NFT Investments’ board will convene at its Fladgate offices at 10.00am on May 26 to seek shareholder approval for the tender offer.