Centaur Media (AIM:CAU) shares climbed 6% to 44.6p after the business publisher and events group confirmed plans to return up to £64 million to investors by the end of the year.
The board said it had made “good progress” in finalising the details of the capital return and now expects to use a tender offer as the preferred mechanism.
Following discussions with shareholders, Centaur said a tender offer provided the fairest and most tax-efficient method, balancing costs, complexity and timing.
If implemented, the company anticipates setting the tender price at 48p per share. The exact amount to be distributed will depend on the working capital needs of the business, which runs the Marketing Week and Festival of Marketing brands.
The board said the process of deciding how much capital to return and how much to retain for ongoing operations was well advanced. A detailed announcement setting out the tender terms and timetable will follow in due course.
Centaur, which has refocused on its high-margin professional information and events businesses in recent years, said it expects the return of capital to be completed before the end of 2025.