Chenavari Capital Solutions Limited Partial Compulsory Redemption of Shares (8616Z)
18 March 2017 - 3:30AM
UK Regulatory
TIDMCCSL
RNS Number : 8616Z
Chenavari Capital Solutions Limited
17 March 2017
Chenavari Capital Solutions Limited (the Company)
17 March 2017
Partial Compulsory Redemption of Shares
This announcement contains inside information
Further to the announcements made on 13 December 2016 and 16
February 2017 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 15 February 2017) the Company
today announces that it will return GBP5,000,000 on 31 March 2017
(the "Redemption Date") by way of a compulsory partial redemption
of approximately 5,511,463 Ordinary Shares (the "First
Redemption"). In conjunction with the dividend distribution of
GBP2,606,000 paid on 24 February 2017 this is in excess of the
estimated investment cash flows referred to in the 13 December 2016
announcement.
The First Redemption will be effected at 90.72 pence per
Ordinary Share, being the NAV per Ordinary Share as at 28 February
2017. 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 30 March 2017. As at today's date,
the Company has 130,179,000 Ordinary Shares in issue of which none
is held in treasury. On this basis approximately 4.2 per cent of
each registered shareholding would be redeemed on the Redemption
Date.
Fractions of Ordinary Shares will not be redeemed and so the
number of Ordinary Shares to be redeemed for each shareholder will
be rounded down to the nearest whole number of Ordinary Shares.
The amount to be applied to the partial redemption of Ordinary
Shares comprises monies from the Company's existing cash
balances.
All Ordinary Shares that are redeemed will be cancelled with
effect from the relevant Redemption Date. Accordingly, once
redeemed, Ordinary Shares will be incapable of transfer.
The Ordinary Shares will be disabled in CREST after close of
business on the Redemption Date and the existing ISIN number
GG00BCHWW517 (the "Old ISIN") will expire.
The new ISIN number GG00BDH6YY34 (the "New ISIN") in respect of
the remaining Ordinary Shares which have not been redeemed will be
enabled and available for transactions from and including 3 April
2017.
Up to and including the Redemption Date, Ordinary Shares will
continue to be traded under the Old ISIN and as such, a purchaser
of such Ordinary 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.
Shareholders should note that the Board retains absolute
discretion as to the execution, extent and timing of any further
returns of capital.
Expected timetable for redemption:
Announcement of redemption notice 17 March
2017
----------------------------------------- ---------
Redemption Record Date 30 March
2017
----------------------------------------- ---------
Redemption Date and expiry of Old 31 March
ISIN number 2017
----------------------------------------- ---------
New ISIN number enabled 3 April
2017
----------------------------------------- ---------
Redemption monies paid to uncertificated 14 April
holdings and certificated holdings 2017
----------------------------------------- ---------
Capitalised terms used but not defined in this announcement
shall bear the meanings ascribed to them in the Circular to
Shareholders dated 15 February 2017.
Enquiries:
Chenavari Investment Managers
Kirstie Sumarno
Email: ccslir@chenavari.com
Telephone: +44 20 7259 3600
Fidante Capital
Robert Peel, Corporate Broking
Email: rpeel@fidante.com
Telephone: +44 20 7832 0983
This information is provided by RNS
The company news service from the London Stock Exchange
END
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