Last checked at 
14 Sep 2016 07:00
Fair Oaks Income Fund Limited
14 September 2016
FAIR OAKS INCOME FUND LIMITED (the "Company")
(Incorporated in Guernsey under The Companies (Guernsey) Law, 2008, as amended, with registered number 58123 and registered as a Registered Closed-ended Collective Investment Scheme with the Guernsey Financial Services Commission)
RETURN OF CAPITAL
Further to the announcement made on 4 July 2016 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 12 5 August 2016) the Company today announces that it will return $5,930,400 (equivalent to 1.849 cents per share) on 29 September 2016 (the "Redemption Date") by way of a compulsory partial redemption of shares (the "First Redemption").
The First Redemption will be effected at 94.31 cents, being the NAV per Ordinary Share as at 31 August 2016. 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 29 September 2016. As at today's date, the Company has 320,662,090 Ordinary Shares in issue of which none is held in treasury. On this basis 1.961 per cent. of each registered shareholding would be redeemed on the Redemption Date.
Fractions of shares will not be redeemed and so the number of shares to be redeemed for each shareholder will be rounded down to the nearest whole number of shares.
The amount to be applied to the partial redemption of shares comprises monies from the Company's existing cash balances.
All shares that are redeemed will be cancelled with effect from the relevant Redemption Date. Accordingly, once redeemed, shares will be incapable of transfer.
The Shares will all be disabled in CREST after close of business on the Redemption Date and the existing ISIN number GG00BMBN1D14 (the "Old ISIN") will expire.
The new ISIN number GG00BD5NCP31 (the "New ISIN") in respect of the remaining Shares which have not been redeemed will be enabled and available for transactions from and including 30 September 2016.
Up to and including the Redemption Date, Shares will be traded under the Old ISIN and as such, a purchaser of such 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.
The default payment will be US Dollars however, redemption payments can also be paid in Sterling providing the relevant shareholder has registered to receive redemption payments in Sterling. The redemption notice being posted to all shareholders on 14 September will include the relevant election form.
The Board anticipates that the Company will receive future distributions from the Master Fund such that further share redemptions may be declared on a quarterly basis. However, shareholders should note that the Board retains absolute discretion as to the execution, pricing and timing of any returns of capital.
Expected timetable for redemption:
Posting of redemption notice 14 September 2016
Record Date, Redemption date and expiry of old ISIN number 29 September 2016
New ISIN number enabled 30 September 2016
Redemption monies paid (expected) uncertificated holdings and week of 10 October 2016
certificated holdings:
Enquiries:
Fair Oaks Income Fund Limited
Email: contact@fairoaksincomefund.com
Web: www.fairoaksincomefund.com
Fair Oaks Capital Limited
Hayley Stewart
DDI: +44 (0) 20 3034 0406
Email: hstewart@fairoakscap.com
Praxis Fund Services Limited
Ben Le Prevost
DDI: +44 (0) 1481 755524
Email: Ben.LePrevost@praxisifm.com
Numis Securities Limited
Nathan Brown, Corporate Broking
DDI: +44 (0) 20 7260 1426
Email: n.brown@numis.com
Fair Oaks Income Fund Limited
Fair Oaks Income Fund Limited is a registered closed-ended collective investment scheme incorporated in Guernsey. The Company was admitted to trading on the Specialist Fund Market of the London Stock Exchange (now the Specialist Fund Segment of the London Stock Exchange) on 12 June 2014. The Company's ordinary shares have the TIDM: FAIR and ISIN: GG00BMBN1D14.
The investment policy of the Company is to seek exposure to US and European CLOs or other vehicles and structures which provide exposure to portfolios consisting primarily of US and European floating-rate senior secured loans and which may include non-recourse financing. The Company will implement its investment policy by investing in FOIF LP (the "Master Fund").
Notes
This document is for information purposes only and is not an offer to invest. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.