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Bonhill Group PLC on Wednesday said it will raise £4.8 million through a tender offer of 48.0 million shares at 10 pence each.
Bonhill is a Woking, England-based media company, specialising in business information, events and data analytics.
Shares in the company closed down 4.4% to 5.74 pence each in London on Wednesday.
On May 24, Bonhill said it will sell InvestmentNews LLC to Key Media Business Information US Inc for a total of $4.1 million.
This came after it received an offer from KM in March. The US-buyer will also assume InvestmentNews’s obligations under its office lease until January 2028.
KM is a Colorado-based magazine publisher.
The company said that its £4.8 million tender offer will take place if the disposal if approved by shareholders.
Following the close of the tender offer, Bonhill also hopes to cancel its shares, and re-register as a private limited company.
It will hold a general meeting on June 23.
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