Amadeusz Juskowiak

Shv says it making tender offer for ic gas

SHV United Kingdom Holding Co Ltd said it was making a tender offer for up to 33 mln ordinary shares in Imperial Continental Gas AssociationICGSL

It said in a statement the offer was on the basis of 700p for each IC Gas ordinary and 252p for every one stg nominal of IC Gas loan stock

SHV already holds 68 mln IC Gas ordinary stock units representing around 49 pct of the current issued share capital

Successful completion of the offer would increase SHVs stake in IC Gas to 398 mln shares representing around 279 pct of issued share capital it said

The offer capitalises IC Gas at around one billion stg

It said it was tendering for both ordinary stock and loan stock which when fully converted gave a total of 33 mln IC Gas ordinary It is making the tender offer through NM Rothschilds

IC Gas said in a statement it noted the SHV tender offer and the terms were being considered

It said a further statement would be made as soon as possible