Son of 'Patient Capital': stick or twist?

EthicsGradient

A total of 542,234,263 Ordinary Shares, representing 67.1 per cent. of the Ordinary Shares in issue as at the Record Date (excluding Ordinary Shares held in treasury), were validly tendered under the Tender Offer. As a result, the Tender Offer was oversubscribed.
The Company will purchase a total of 173,220,974 Ordinary Shares. Shareholders who validly tendered such number of Ordinary Shares equal to or less than their Basic Entitlement shall have all tendered Ordinary Shares purchased in full.  Following a scale-back exercise, Shareholders who validly tendered such number of Ordinary Shares greater than their Basic Entitlement will have a number of Ordinary Shares equal to their Basic Entitlement purchased in full plus approximately 2.9 per cent. of their Excess Applications, in accordance with the terms of the Tender Offer set out in the Circular.
Confirmation of Final Tender Offer Price
The Company confirms that the Final Tender Price at which the Tender Offer is being made is 21.119983 pence per Ordinary Share, equal to the Net Asset Value per Ordinary Share as at 31 May 2025 less the costs of the Tender Offer. The Final Tender Price is unchanged from the Indicative Tender Price set out in the Circular. 
As previously announced, it is anticipated that the proceeds payable to Shareholders whose tendered Ordinary Shares are held through CREST accounts are expected to be made by 30 July 2025 and that cheques and balancing share certificates for the certificated Ordinary Shares purchased under the Tender Offer will be despatched by 8 August 2025.

Result of Tender Offer

In my II SIPP, 34.4% of the entire holding that I tendered was converted (all done yesterday, 30th July). The share price is now  13.5p, back to the 18th June level, right before the tender opened. The peak closing price in between was 15.7p.