Dublin-based life sciences investment company Malin has revealed details of its plans for a €140 million share buyback.
The offer, which will complete in March 2023, has a price of €9.30 per ordinary share, a premium of almost 25 per cent to the share price of €7.46 at the close on February 14th and a discount of 7.6 per cent to Malin’s estimated intrinsic equity value per ordinary share of €10.07.
The buyback, which was initially announced in December last year, comes following the sale of Malin’s remaining shares in Nasdaq-listed biotechnology firm Immunocore.
An extraordinary general meeting is set for March 10th.
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“We are delighted to continue to deliver on our long-standing commitment to return the excess capital of the business to our shareholders with this proposed return of up to €140 million by way of a tender offer,” said Liam Daniel, chairman of Malin. “This return of capital follows the divestment of our entire stake in Immunocore which generated cash proceeds of approximately €145 million and other inflows from our investee companies of approximately €21 million during 2022.”
Following the completion of the tender offer, Malin will have a cash balance of approximately €33 million. That will be used to fund the company’s operations, including investments into Malin’s existing assets.
The buyback follows on from Malin returning €95 million to investors in 2021, following the sales that year of stakes in two other investee companies.
