Shareholders in the SPL Private Finance fund - one of the cell funds in the former Arch Cru range - have agreed a deal returning them 42p per share.
The majority of shareholders agreed to a special resolution put forward by Spearpoint - the new fund manager appointed to run the cells - which will see the fund buy back 6m shares for a total of £2.5m.
According to a statement made on the Channel Islands Stock Exchange, shareholders who own 89.2% of the Private Finance cell agreed to the terms of the tender offer put forward in March.
The price paid is a 3% discount to the NAV of shares in the fund.
In the announcement, the board said: "Proxy votes were received from 24 registered shareholders in respect of a total of 26,272,878 shares which represents 89.18% of the Cell's issued share capital. All votes were cast in favour of both resolutions."
The board had previously recommended shareholders agree to the terms of the buyback.
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