TIDMFAIR TIDMFA17 TIDMTTM
RNS Number : 9251V
Fair Oaks Income Limited
06 December 2023
FAIR OAKS INCOME 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 to Realisation Shareholders
The Company announces that it will return US$2,100,000.00 on 20
December 2023 (the "Redemption Date") by way of a compulsory
partial redemption of Realisation Shares (the "Third
Redemption").
The Third Redemption will be effected at 57.15 US cents per
share, being the NAV of the Realisation Shares as at 31 October
2023 of 59.15 US cents per share less the dividend for the period
to 30 September 2023 of 2.00 US cents per share. The Redemption
will be effected pro rata to holdings of Realisation Shares on the
register at the close of business on the Redemption Record Date,
being 20 December 2023. As at today's date, the Company has
53,580,881 Realisation Shares in issue of which none are held in
treasury. On this basis approximately 6.86 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.
All shares that are redeemed will be cancelled with effect from
the Redemption Record Date. Accordingly, once redeemed, shares will
be incapable of transfer.
The Realisation Shares will all be disabled in CREST after close
of business on the Redemption Date and the existing ISIN,
GG00BRZRXM78 (the "Old ISIN"), will expire.
The new ISIN, GG00BPG7H086 (the "New ISIN"), in respect of the
remaining shares which have not been redeemed will be enabled and
available for transactions from and including the following
business day, 21 December 2023.
Up to and including the Redemption Date, Realisation Shares will
be traded under the Old ISIN and as such, a purchaser of such
Realisation 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. This can be done by completing the election form being
posted to all shareholders today, which is also available on the
Company's website at http://www.fairoaksincome.com . Election forms
must be returned to the Registrar by close of business on 13
December 2023. An announcement will be made prior to the redemption
monies being paid to confirm the rate per share to be used to pay
shareholders.
Please note that if you have previously advised the Registrar,
Link Group, that you wish to receive your dividends in sterling,
you will need to advise them separately using the election mandate
form if you also wish to receive redemption payments in
sterling.
CREST shareholders must make their currency election via the
election mandate form.
The Board anticipates that the Company will receive future
distributions from the Master Funds such that further share
redemptions may be declared, 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 6 December 2023
Record Date, Redemption date and expiry 20 December 2023
of old ISIN
-----------------
New ISIN enabled 21 December 2023
-----------------
Redemption monies paid to uncertificated 9 January 2024
holdings and certificated holdings
-----------------
LEI: 2138008KETEC1WM5YP90
Enquiries:
Fair Oaks Income Limited
Email: contact@fairoaksincome.com
Web: www.fairoaksincome.com
Fair Oaks Capital Limited
Investor Relations
DDI: +44 (0) 20 3034 0400
Email: ir@fairoakscap.com
Sanne Fund Services (Guernsey) Limited
Ross Wylie
Email: Fairoaksgrp@apexfs.group
Numis Securities Limited
Nathan Brown, Investment Banking
DDI: +44 (0) 20 7260 1426
Email: n.brown@numis.com
Liberum Capital Limited
Chris Clarke, Investment Banking
DDI: +44 (0) 20 3100 2190
Email: chris.clarke@liberum.com
Fair Oaks Income Limited
Fair Oaks Income Limited is a registered closed-ended investment
company 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 Main Market of the London
Stock Exchange) on 12 June 2014.
The investment policy of the Company is to invest (either
directly and/or indirectly through FOIF II LP and FOMC III LP) in
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.
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END
MSCQQLFBXLLLFBZ
(END) Dow Jones Newswires
December 06, 2023 11:31 ET (16:31 GMT)
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