The press release states that Evolution shares accepted into the offer during the offer period (i.e., those 111,716 shares) will be paid to shareholders starting approximately on September 23, 2026. The offer has already expired and become unconditional (regulatory requirements fulfilled), and thus nothing remains open—the shares of investors who tendered their shares during the offer period will be transferred to Candle Lake, and they will receive the agreed cash consideration.
What was interesting in that press release is that, in addition to direct shares, Candle Lake seemingly also “owns” Evolution via TRS (Total Return Swap) agreements. Those are instruments where, for example, a bank owns the shares, but through a TRS, the price appreciation/loss, dividends, and other total return belong to the investor—though voting rights do not. Possibly, at some point, Candle Lake sought to avoid exceeding the 30% voting rights threshold and the resulting mandatory takeover bid for the entire share capital. However, as there has been an interest in growing the EVO position, shares have been acquired through TRS agreements.
By all logic, that 2.2 percentage point stake (direct ownership of 31.6% and 33.8% including TRS agreements) will be transferred to direct ownership.
For us retail investors, this has virtually no other significance except that the entity in question has a strong eagerness to buy EVO shares at these prices.