EF Realisation Company Limited First Capital Distribution (7174P)
04 September 2017 - 7:00PM
UK Regulatory
TIDMEFR
RNS Number : 7174P
EF Realisation Company Limited
04 September 2017
4 September 2017
EF Realisation Company Limited
First Capital Distribution
The Board of EF Realisation Company Limited ("EF Realisation" or
the "Company") is pleased to announce a first capital distribution
of approximately GBP3.0 million or 5.7 pence per EF Realisation
share. This return of capital will be implemented by way of a
compulsory redemption of shares (one share of every seven shares
outstanding will be redeemed), pursuant to the Company's Compulsory
Redemption Mechanism (the "Redemption"). The Redemption will be at
a price equal to 40.07 pence per share (being the latest NAV per
share prior to this announcement less the costs and expenses of
this Redemption, expected to be approximately GBP20,000).
EF Realisation was admitted to trading on 26 September 2016,
following the reconstruction of Ecofin Water & Power
Opportunities plc. The Company's Investment Policy provides for an
orderly realisation of its assets in a manner that seeks to achieve
a balance between returning cash to its Shareholders promptly and
maximising the value of the portfolio.
EF Realisation monetised various portfolio assets between March
and August 2017 which, in aggregate, comprised approximately 20% of
the portfolio and raised net proceeds of approximately GBP4.3
million. Most recently, EF Realisation received approximately
GBP2.4 million from Eastern Australia Irrigation Limited which had
sold certain of its water entitlements to the Australian Government
and distributed a majority of the proceeds to its shareholders,
including EF Realisation.
EF Realisation is returning GBP3.0 million of the GBP4.3 million
to Shareholders and the balance of the net proceeds from asset
realisations is being retained for working capital purposes.
The Redemption will be effected by way of a redemption of one
share for every seven held by Shareholders on the Company's
register at the close of business on 15 September 2017 (the
"Redemption Date"), being the record date for the Redemption.
Fractions of shares will not be redeemed and the number of shares
to be redeemed from each Shareholder will be rounded down to the
nearest whole number of shares.
Payments of redemption monies are expected to be effected either
through CREST (in the case of shares held in uncertificated form)
or by cheque (in the case of shares held in certificated form) by
29 September 2017. It is requested that certificated Shareholders
send all of their share certificates to the Company's Registrar.
Any share certificates for the balance of the holding will be
distributed to Shareholders with their redemption monies.
The Company currently has 52,473,633 shares in issue. All of the
shares redeemed on the Redemption Date will be cancelled.
The shares will be disabled in CREST on the Redemption Date and
the existing ISIN number GG00BY7QK538 for the shares (the "Old
ISIN") will expire. The new ISIN number GG00BF243Y95 for the shares
(the "New ISIN") in respect of the remaining shares which have not
been redeemed will be enabled and available for transactions on 18
September 2017. For the period up to and including the Redemption
Date, shares will be traded under the Old ISIN and, as such, a
purchaser of such shares may have a market claim for a proportion
of the redemption proceeds following the activation of the New
ISIN. CREST will automatically transfer any open transactions as at
the Redemption Date to the New ISIN.
The Board of Directors reserves the right at its discretion to
extend or bring forward any of the dates referred to in this
announcement. Any revised date will be notified to Shareholders by
a further announcement through a Regulatory Information Service
provider.
Unless otherwise defined, capitalised words and phrases in this
announcement shall have the meaning given to them in the prospectus
published by the Company on 22 August 2016.
For further information please contact:
BNP Paribas
Sarah Hendry, Company
Secretary 01481 750 822
Winterflood Investment
Trusts
Neil Langford
Chris Mills 020 3100 0000
Ecofin Limited
John Murray
Elspeth Dick 020 7451 2929
This information is provided by RNS
The company news service from the London Stock Exchange
END
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