A Sheffield biotechnology firm has quit the London Stock Exchange and Euronext Growth Oslo.
In May Benchmark Holdings plc revealed a plan to repurchase shares at 25 pence apiece for an amount of up to approximately £56.7m before re-registering as a private company.
The tender offer saw around 56% of the potential maximum amount of shares repurchased by the company, to a value of £31.9m.
Benchmark drives sustainability in aquaculture by delivering products and solutions in advanced nutrition and health which improve yield, growth and animal health and welfare.
It now intends to return £95m to shareholders following the sale of its genetics business in March.
Benchmark said high costs and management resources required to maintain its public listings outweighed the benefits, especially following the reduced scale of its remaining operations.
In May it said Kverva AS, JNE Funds and FERD AS could potentially gain 100% ownership of the company, and that any shareholders who held on to shares could potentially find it difficult to sell them post-delisting.
It said the move will save the firm approximately £2.4m annually while there are now set to be changes to its board of directors.
Patrick Waty will succeed Trond Williksen (pictured) as CEO; Pierre Hugo will fill the CFO role vacated by Septima Maguire at the end of June; Therese Log Bergjord will join as non-executive director, succeeding Marie Danielsson; Torgeir Svae will step down as the board representative of Kverva AS and will be replaced by Frode Sandmark, acting as a non-executive director; Kristian Eikre will step down as the board representative of FERD AS and be replaced by Frida Lillebøeacting as a non-executive director; and Jonathan Esfandi will step down as the board representative of JNE Partners LLP and be replaced by Michael Zhang, acting as a non-executive director.
In June, Benchmark reported half-year revenues of £40.6m.
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