Not selling itself short: SVG Capital puts the first tranche of its shares up for sale

 
Oliver Gill
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City sources said Lynn Fordham had "played a blinder" (Source: Getty)

The starting gun was today fired on the winding-up of SVG Capital (SVG) following a tumultuous couple of months late this summer.

Investors will be able to sell up to £350m of the company's shares from today, priced at 715p each. The offer will be open until 15 December and is part of a series of tender offers that will conclude with the winding up of the company. SVG said shareholders can expect to be paid over £1.1bn between them.

Read more: A fresh twist in the SVG saga just as the markets close

HarbourVest is hoovering up all the shares following an animated period that started with the US fund giant's initial 650p offer on 12 September being rebuffed by SVG; the firm eagerly urged shareholders not to accept the offer on the table.

Counter-offers followed and were approved by the SVG board. Just as it seemed HarbourVest might be losing its grip, it tabled a 715p per share offer that SVG's board accepted on 18 October.

SVG's chief exec Lynn Fordham was hailed a hero by some in the City for forcing HarbourVest's offer up after it seemed that the US fund had gathered sufficient shareholder approval.

Read more: The SVG saga: here's how the HarbourVest approach has played out so far

Andrew Sykes, SVG's chairman said the deal offered "optimum value for all its shareholders".

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