Arch Cru shareholders agree to £2.5m share buyback

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 s...