20 Mar 2017 15:30
Chenavari Capital Solutions Limited (the Company)
20 March 2017
Partial Compulsory Redemption of Shares (Correction)
This announcement replaces RNS number 8616Z released at 4.30 pm on 17 March 2017. The amended information in this announcement concerns the Redemption Record Date and the Redemption monies payment date.
The expected timetable for the redemption, with the corrected dates, is as follows:
Redemption Record Date | 31 March 2017 |
Redemption Date and expiry of Old ISIN number | 31 March 2017 |
New ISIN number enabled | 3 April 2017 |
Redemption monies paid to uncertificated holdings and certificated holdings | 13 April 2017 |
The full corrected announcement text is provided below:
This announcement contains inside information
Further to the announcements made on 13 December 2016 and 16 February 2017 regarding the Company's intention to return capital to Shareholders, and in line with the approval then given by the Company's Shareholders to adopt the revised Articles of Incorporation to vary the existing rights of the Ordinary Shares (as described in the Circular dated 15 February 2017) the Company today announces that it will return £5,000,000 on 31 March 2017 (the "Redemption Date") by way of a compulsory partial redemption of approximately 5,511,463 Ordinary Shares (the "First Redemption"). In conjunction with the dividend distribution of £2,606,000 paid on 24 February 2017 this is in excess of the estimated investment cash flows referred to in the 13 December 2016 announcement.
The First Redemption will be effected at 90.72 pence per Ordinary Share, being the NAV per Ordinary Share as at 28 February 2017. The Redemption will be effected pro rata to holdings of Ordinary Shares on the register at the close of business on the Redemption Record Date, being 31 March 2017. As at today's date, the Company has 130,179,000 Ordinary Shares in issue of which none is held in treasury. On this basis approximately 4.2 per cent of each registered shareholding would be redeemed on the Redemption Date.
Fractions of Ordinary Shares will not be redeemed and so the number of Ordinary Shares to be redeemed for each shareholder will be rounded down to the nearest whole number of Ordinary Shares.
The amount to be applied to the partial redemption of Ordinary Shares comprises monies from the Company's existing cash balances.
All Ordinary Shares that are redeemed will be cancelled with effect from the relevant Redemption Date. Accordingly, once redeemed, Ordinary Shares will be incapable of transfer.
The Ordinary Shares will be disabled in CREST after close of business on the Redemption Date and the existing ISIN number GG00BCHWW517 (the "Old ISIN") will expire.
The new ISIN number GG00BDH6YY34 (the "New ISIN") in respect of the remaining Ordinary Shares which have not been redeemed will be enabled and available for transactions from and including 3 April 2017.
Up to and including the Redemption Date, Ordinary Shares will continue to be traded under the Old ISIN and as such, a purchaser of such Ordinary Shares would have a market claim for a proportion of the redemption proceeds. CREST will automatically transform any open transactions as at the Redemption Date into the New ISIN.
Shareholders should note that the Board retains absolute discretion as to the execution, extent and timing of any further returns of capital.
Expected timetable for redemption:
Announcement of redemption notice | 17 March 2017 |
Redemption Record Date | 31 March 2017 |
Redemption Date and expiry of Old ISIN number | 31 March 2017 |
New ISIN number enabled | 3 April 2017 |
Redemption monies paid to uncertificated holdings and certificated holdings | 13 April 2017 |
Capitalised terms used but not defined in this announcement shall bear the meanings ascribed to them in the Circular to Shareholders dated 15 February 2017.
Enquiries:
Chenavari Investment Managers
Kirstie Sumarno
Email: ccslir@chenavari.com
Telephone: +44 20 7259 3600
Fidante Capital
Robert Peel, Corporate Broking
Email: rpeel@fidante.com
Telephone: +44 20 7832 0983