CVC Credit Partners European OpsLtd Change to Dividend Target & Proposed Capital Raise (6693F)
19 May 2017 - 7:34PM
UK Regulatory
TIDMCCPG
RNS Number : 6693F
CVC Credit Partners European OpsLtd
19 May 2017
19 May 2017
CVC CREDIT PARTNERS EUROPEAN OPPORTUNITIES LIMITED (the
"Company")
(a closed-ended investment company incorporated in Jersey with
registration number 112635)
Registered Office: Liberté House, 19-23 La Motte Street, St
Helier, Jersey JE2 4SY
Change to Dividend Target and Intention to Raise Capital
The information contained within this announcement constitutes
inside information.
Change to dividend target
In the light of the Company's total return performance in 2016
and year to date 2017, the Board of Directors is pleased to
announce that it has revised the Company's dividend target from the
current level of 5 pence / 5 Euro-cents per ordinary share of no
par value (the "Shares") per annum, to target a dividend of 5.5
pence / 5.5 Euro-cents per Share per annum, equivalent to a yield
of approximately 5 per cent. on the current NAV per Share.
It is expected that the first dividend to be declared under the
new target will be in respect of the quarter ending 30 June 2017
and will be payable on or around 1 September 2017.
Intention to raise capital
The Company also announces that it is undertaking a placing (the
"Placing") of the Company's Shares that are currently held in
treasury (the "Treasury Shares"). The Placing follows an extended
period of strong performance by the Company, which has seen the
Company reissue 2.7 million Sterling Treasury Shares at a premium
to NAV per Share.
Pursuant to the Placing, the Company may sell Sterling and/or
Euro Treasury Shares, depending on demand, and any Treasury Shares
sold will be sold at a price that is equal to a 0.75% premium to
the last-published cum-income NAV per Share as at the time the
Placing closes. The costs of the Placing will be met out of the
premium.
The Placing will be made to Qualified Investors (as defined in
section 86(7) of the Financial Services and Markets Act 2000 (as
amended)) through Winterflood Securities Limited ("Winterflood").
The decision to sell Treasury Shares to any Qualified Investor and
the amount of their allocation shall be at the absolute discretion
of the Company and Winterflood.
Treasury Shares sold pursuant to the Placing will rank pari
passu with the existing Shares, including the right to receive all
future dividends and distributions.
Following completion of the Placing, the Board reserves the
right to cancel any or all of the remaining Treasury Shares.
The expected timetable is as follows:
2017
---------------------- -------------
Placing opens 19 May
---------------------- -------------
Investor roadshow 22 May to 23
June
---------------------- -------------
Publication of NAV 29 June
used to determine
the Placing price
---------------------- -------------
Placing closes 1.00 p.m. on
29 June
---------------------- -------------
Results of Placing 30 June
announced
---------------------- -------------
Placing trades booked 30 June
---------------------- -------------
Placing trades settle 4 July
---------------------- -------------
All times are London time and may be subject to change at the
discretion of the Board.
The person responsible for arranging for the release of this
announcement on behalf of the Company is Siobhan Lavery of BNP
Paribas Securities Services S.C.A., Jersey Branch, Company
Secretary.
ENQUIRIES
CVC Credit Partners European Opportunities Limited
Richard Boléat
+44 1534 625 522
Winterflood Securities Limited
Joe Winkley/Darren Willis
+44 20 3100 0000
Goldman Sachs
Shomick Bhattacharya
+44 20 7774 1000
CVC Credit Partners European Opportunities Limited is regulated
by the Jersey Financial Services Commission
A copy of this announcement will be available for inspection,
subject to certain restrictions relating to persons resident in
restricted jurisdictions, on the Company's web site at
www.ccpeol.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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