LONDON (Alliance News) - Lazard World Trust Fund said Friday it will return around GBP40 million to shareholders through a second share redemption as its wind-down continues.
The fund's redemption price will be GBP3.466 per share, with reference to its net asset value per share on Wednesday this week.
Effective March 8, roughly 97% of Lazard World's 11.9 million issued shares will be redeemed, with fractional entitlements rounded down to the nearest share. All redeemed shares will be cancelled.
In its first redemption, Lazard World returned approximately GBP70 million to shareholders, with this second redemption bringing the total to around GBP110 million. Further buybacks are not expected until the company's liquidation is approved.
"The balance of assets have been retained by the company to satisfy certain legal and regulatory requirements, as well as to fund all contractual agreements and commitments both prior to and during the proposed liquidation of the company," Lazard World said.
"It is not therefore anticipated that the company will undertake any further redemptions prior to the approval of the liquidation of the company by shareholders. The distribution of any remaining assets in the company will therefore be undertaken by the appointed liquidator. The company expects to publish a circular in relation to the proposed liquidation shortly," Lazard World added.
Shares in Lazard World were down 0.3% at 335.00 pence on Friday.