13 Jun 2014 15:45
13 June 2014
Chenavari Capital Solutions Limited
("Chenavari Capital Solutions" or the "Company")
Interim Financial Statements and Notice of Annual General Meeting ("AGM")
Further to the Company's results announcement dated 30 May 2014, the Directors of Chenavari Capital Solutions confirm that the Unaudited Interim Financial Statements for the period 12 July 2013 (date of incorporation) to 31 March 2014 were posted to shareholders on 13 June 2014.
The Company also announces that it has posted a letter to shareholders (the "Letter") including a notice of Annual General Meeting of the Company (the "AGM"), to be held on 6 August 2014 at 10am.
Ordinary Business
The ordinary business of the meeting includes resolutions to approve the reappointment of those Directors retiring by rotation and of the Auditors, Deloitte LLP, as auditors of the Company and to authorise and agree the remuneration of the Auditors and Directors.
In addition the current authority to repurchase ordinary shares in the Company (the "Shares") will terminate at the conclusion of the AGM. Accordingly, shareholders are invited to continue the authority granted by ordinary resolution prior to Admission by authorising the Company to make market purchases of up to 14.99% of the Shares in issue, provided that the maximum price (exclusive of expenses) which may be paid for a Share must not be more than the higher of (i) 105 per cent. of the average of the middle market quotations for a Share (as published by the London Stock Exchange) for the five trading days immediately preceding the day on which the Share is contracted to be purchased; or (ii) the amount stipulated by Article 5(1) of the Buy-back and Stabilisation Regulation. Any such purchase will be carried out in accordance with the Law, which provides inter alia, that any buy-back is subject to the Company passing the solvency test contained in the Law at the relevant time. The minimum price payable per Share is £0.01.
Special Business
The Directors are asking the Shareholders to approve the de-listing from the Channel Islands Securities Exchange Limited ("CISE"). At the time of Admission, UK ISA regulations required a listing on the CISE (formerly The Channel Islands Stock Exchange, LBG) in order to make the Shares 'ISA eligible'. Since shares listed on the Specialist Fund Market are now 'ISA eligible', the need for a listing on the CISE has fallen away. Since there is no advantage for the Shares to remain listed on the CISE, the Board recommends to Shareholders that the Company de-lists from the CISE subject to approval of an ordinary resolution at the AGM.
Notice of annual general meeting
Shareholders will find set out at the end of the Letter a notice convening the AGM to be held at 10.00 am on 6 August 2014 at Old Bank Chambers, La Grande Rue, St Martin's, Guernsey GY4 6RT at which the ordinary resolutions referred to above will be proposed.
Action to be taken
You will find enclosed with the letter a Form of Proxy for use at the AGM. Whether or not you propose to attend the AGM in person, you are requested to complete and sign the Form of Proxy in accordance with the instructions printed thereon and return it to the Company's registrar, Capita Registrars, PXS, 34 Beckenham Road, Beckenham, BR3 4TU, as soon as possible but, in any event, so as to arrive no later than 10.00 am on 4 August 2014.
The completion and return of a Form of Proxy will not preclude you from attending the Meeting and voting in person if you wish to do so.
Recommendation
Your Board considers that the resolutions to be proposed at the AGM are in the best interests of shareholders as a whole and unanimously recommend that shareholders vote in favour of such ordinary resolutions.
Enquiries:
Hobson Barnes or Kirstie McLaren
Chenavari Investment Managers
Email: Investor-relations@chenavari.com
Telephone: +44 20 7259 3600