In today’s briefing:
- Mandala Multifinance (MFIN IJ): Offer Now Open
- Molten Ventures – Making progress on its realisation agenda
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Mandala Multifinance (MFIN IJ): Offer Now Open
- Waaay back in June 2023, MUFG (8306 JP) and 92.7%-held Adira Dinamika (ADMF IJ) entered into SPAs with key shareholders to acquire an 80.6% stake in Mandala Multifinance (MFIN IJ).
- MFIN’s shareholders overwhelmingly approved the change of control at the 13th Feb EGM. OJK signing off was the next hurdle.
- The Tender Offer is now open, at the (expected) price of IDR 3,297/share. The close of the Offer is the 21st August, with payment on the 28th August.
Molten Ventures – Making progress on its realisation agenda
Molten Ventures has recently completed the exits from Perkbox, Endomag and Graphcore. This translates into more than £70m realisation proceeds, which means Molten is on track to reach the £100m that management expects for FY25. As a result, Molten has announced a £10m buyback programme (starting on 26 July), in line with its recently updated capital allocation policy of earmarking at least 10% of realisation proceeds for share repurchases. Molten has also agreed a new £180m debt facility that replaces the previous £150m facility maturing in September 2024.