Move is latest proposal to return cash to shareholders
With €174 million of cash on its balance sheet, Malin said it plans to return €140 million of surplus cash to investors by way of a so-called tender offer share buyback in February, subject to shareholder approval.
“The remaining cash balance will be used to fund the company’s operations, including the possible investment of additional capital into Malin’s existing assets if attractive investment opportunities arise or if it is determined the additional capital will help advance the investee company towards a value inflection point or realisation opportunity,” it said.
The planned buyback follows on from Malin returning €95 million to investors in 2021, following the sales that year of stakes in two other investee companies. Malin said that the estimated intrinsic value of it shares currently stands at €9.27, mainly comprised of the attributed value of its 14 per cent shareholding in clinical-stage biopharma company Poseida Therapeutics and 15 per cent interest in Mycovia, formerly Viamet, which received US approval earlier this year for an antifungal product.Davy analyst Colin Grant said that the sale of the Immunocore shares took advantage of the stock having tripled in the space of 10 months.
“The size of the tender offer equates to around 71 per cent of the market cap at [Tuesday’s] closing share price,” Mr Grant said. “The upside in the stock is already very significant, and we estimate that this upside will increase materially as a result of the stake sale in Immunocore and the associated tender offer.”
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Malin Corp set for €140m capital return programmeMalin Corporation has raised €145m through the sale of its 5% stake in British biotech company Immunocore.
Read more »
Morality police move 'distraction technique' - activistA suggestion by Iran's Attorney General that the so-called morality police has been disbanded is a 'distraction technique', according to Iranian activists in Ireland | Read more:
Read more »
Fáilte Ireland warns of ‘increase’ in hotels hiking prices around concerts and matchesFáilte Ireland is writing to hotels, hostels and B&Bs, warning them of the damage sudden price spikes can do to the industry’s long-term reputation
Read more »
BGF invests €5.8m in Ballymena-based Clarke GroupBGF invests €5.8m in Ballymena-based Clarke Group via IrishTimesBiz
Read more »
Tesla to cut production at Shanghai factoryMove seen as response to sluggish demand in China via IrishTimesBiz
Read more »