Southey Capital Ltd Announces Tender Offer for X5 Retail Group N.V. GDR Holders

Southey Capital Ltd has officially announced a voluntary tender offer aimed at institutional holders of X5 Retail Group N.V.'s Global Depositary Receipts (GDR) with ISIN US98387E2054. This initiative, rooted in English law, seeks to acquire these securities for cash, under specific terms and conditions. The offer specifically targets GDRs held in DTC or Euroclear and explicitly excludes those registered or accredited to Russian Federation entities post-March 1, 2022.

Participants willing to tender their securities can anticipate a purchase price of $12.50 USD per validly tendered and settled GDR, though Southey Capital holds the right to adjust the offer, including cancelation under certain conditions. Furthermore, the firm has outlined specific acceptance amounts and restrictions, focusing primarily on institutional or professional entities. The offer reveals a strategy offering liquidity solutions for holders restricted from accessing exchanges or OTC counterparts.

The offer commenced on April 8, 2024, with an expiration date set for April 18, 2024. Southey Capital has provided detailed instructions for the acceptance and settlement process, emphasizing a delivery versus payment model. Nevertheless, the firm reserves the right to modify the offer's terms, highlighting the discretionary nature of this financial maneuver.