Last checked at 19 Mar 2018 07:36
Sherborne Investors (Guernsey) C Limited
LEI 213800L8QL59OCFOCB40
19 March 2018
Sherborne Investors (Guernsey) C Limited
Statement re Investment in Barclays PLC
The board of Sherborne Investors (Guernsey) C Limited (the "Company") notes that Barclays PLC ("Barclays") has released to the market a TR-1 notification submitted to it by Sherborne Investors Management LP ("Sherborne Investors"). Sherborne Investors is the parent of Sherborne Investors Management (Guernsey) LLC, the investment manager of SIGC, LP, a limited partnership in which the Company is the principal investor (the "Partnership").
Funds managed by Sherborne Investors, including the Partnership, have acquired in the aggregate 5.2% of the voting rights of Barclays.
As provided in the limited partnership agreement of the Partnership, the board of the Company has approved Sherborne Investors' recommendation of the Barclays investment. Sherborne Investors has advised the Company that its turnaround assumptions indicate a potential return on the investment in line with Sherborne Investors' customary return objectives.
As at 16 March 2018, Sherborne Investors has invested £580 million of the Company's capital in Barclays shares and derivatives.
Based on various factors, including market conditions and Sherborne Investors' evaluation of the investment prospects for Barclays, Sherborne Investors has advised the Company that it reserves the right to increase or decrease its investment in Barclays without further notice to the Company.
The Company also announces that, due to a change in investment prospects, Sherborne Investors elected to liquidate the Partnership's investment of approximately £85 million in another company in October 2017. All of the proceeds of sale, including a realised profit of approximately 10% on invested capital, were returned to the Company, pending reinvestment, which has now occurred.
This announcement includes inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No.596/2014 ("MAR").
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Enquiries:
FTI Consulting +44 (0)20 3727 1000
Jonathon Brill
James Styles
Numis Securities Limited (Broker) +44 (0)20 7260 1000
David Benda
Nathan Brown
Sherborne Investors (Guernsey) C Limited +44 (0)14 8173 5827
Talmai Morgan (Chairman)
Nick Robilliard (Administrator)