International Biotech bid to buy back 50%

The board of International Biotechnology investment trust is looking for shareholder approval to approve resolutions for a tender offer to buy back up to 50% of the company. A contingent of shareholders in the £287.5m trust has been calling upon the board to provide them with an opportunity to realise their investments since the summer. John Green Armytage announced the news at the company's AGM on 22 December 2000. The resolutions put forward will carry the proposal to buy back up to 50% of the company's issued shares at a 5.5% discount to NAV. Merrill Lynch will implement the tender off...