13 Jul 2016 16:10
13 July 2016
Duet Real Estate Finance Limited
("DREF" or the "Company")
Investment Update
The board of the Company is pleased to announce that the full repayment of all principal and accrued interest has been received on the Master Fund's UK Prime Office (Canary Wharf) loan (Loan 2), earning returns in-line with its investment criteria. The Company's share of proceeds realised by the Master Fund totals £5.7 million, equivalent to 7.93 pence per share.
The Company intends to distribute its share of the realised proceeds pertaining to capital received from the Master Fund, after the deduction of costs and expenses of this distribution along with amounts to be withheld for working capital, as a return of capital. This will be done by an issue of redeemable B shares, followed by their redemption, pro rata to existing shareholders at the time of the relevant issue. The Company will announce further details concerning the return of capital over the next few working days.
Further details of the capital return mechanism are summarised in the Company's Prospectus, which may be accessed via the Company's website (www.dreflimited.com).
For further information, please contact:
DRC Capital LLP +44 (0)20 7042 0600
Dale Lattanzio
Cyrus Korat
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Neil Winward
Mark Bloomfield
Tunga Chigovanyika