17 Aug 2017 12:00
Chenavari Capital Solutions Limited (the Company)
17 August 2017
Partial Compulsory Redemption of Shares
This announcement contains inside information
Further to the approval given by the Company's Shareholders to enable compulsory redemptions of the Ordinary Shares (as described in the Circular dated 15 February 2017), the Company today announces that it will return £7,000,000 on 31 August 2017 (the "Redemption Date") by way of a compulsory partial redemption of up to 7,413,683 Ordinary Shares (the "Second Redemption").
The Second Redemption will be effected at 94.42 pence per Ordinary Share, being the NAV per Ordinary Share as at 31 July 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 August 2017. As at today's date, the Company has 124,667,584 Ordinary Shares in issue, of which none is held in treasury.
On this basis, a holder of 10,000 Ordinary Shares will have 594 Ordinary Shares redeemed, and receive £560.85 in cash.
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 GG00BDH6YY34 (the "Old ISIN") will expire.
The new ISIN number GG00BF5KFD71 (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 1 September 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 August 2017 |
Redemption Record Date | 31 August 2017 |
Redemption Date and expiry of Old ISIN number | 31 August 2017 |
New ISIN number enabled | 1 September 2017 |
Redemption monies paid to uncertificated holdings and certificated holdings | 13 September 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