Southey Capital Ltd Announces Voluntary Tender Offer for Globaltrans Investment PLC GDRs

Southey Capital Ltd has officially announced a voluntary tender offer for the holders of Globaltrans Investment PLC Global Depositary Receipts (GDRs), identified by ISIN US37949E2046. This initiative, revealed on April 8, 2024, aims to purchase these securities for cash, focusing on institutional holders and adhering to stringent qualifiers and restrictions. The offer is particularly curated under English law and avoids distribution in jurisdictions where such announcements are prohibited.

Eligible GDRs do not include those acquired or credited since March 1, 2022, and must be held in specific securities systems without ties to Russian entities. Southey Capital's offer price stands at $6.73 USD per GDR, deducting a settlement fee to provide a net amount of $6.38 USD. This offer does not cap the acceptance amount but is designed to avoid any need for a mandatory offer due to excessive purchases.

The tender offer is structured to aid GDR holders lacking access to exchanges or over-the-counter counterparts, offering them a chance for liquidity. Offer documents detail participation conditions and emphasize that direct offers from unregulated entities are invalid. The acceptance process is outlined for potential participants, with a firm timeline ending on May 6, 2024, for submissions. Southey Capital reserves the right to alter or terminate the offer based on its terms or applicable legal requirements.