Hargreaves Services Plc (AIM:HSP, OTC:HGRVF) the AIM-listed environmental services group, saw its shares jump 8% after it launched a tender offer to return up to £20 million to shareholders at 850 pence per share, a premium of 16% to Thursday's closing price of 730 pence.
The offer has been increased from the £15 million figure flagged in the company's interim results in January, when the 850 pence price also represents a premium of 26.9% to the 670 pence closing price on the day before that announcement.
Qualifying shareholders are entitled to tender approximately 7.12% of their holdings, with the offer capped at 2,352,941 shares in total.
The board unanimously recommends that shareholders vote in favour of the resolution required to implement the tender offer at a general meeting to be held on 29 April 2026, with directors committing to tender their own basic entitlements.
Harwood Capital, the company's largest shareholder with a 27.85% stake, has also undertaken to tender its basic entitlement and reserved the right to tender additional shares.