Chenavari Toro Income Fund Limited Increase in Concert Party (4890K)
11 April 2018 - 2:40AM
UK Regulatory
TIDMTORO
RNS Number : 4890K
Chenavari Toro Income Fund Limited
10 April 2018
Chenavari Toro Income Fund Limited (the "Company")
10 April 2018
This announcement contains price-sensitive information.
Increase in concert party holding as a consequence of the
employment of Benjamin Jacquard
The Company announces that the concert party holding has
increased to 51.02% as a consequence of the employment of Mr
Jacquard by virtue of his shareholding in the Company.
Mr Jacquard has been appointed Head of Strategic Development at
Chenavari Credit Partners LLP, the portfolio manager of the
Company. Mr Jacquard was previously employed as Global Head of
Credit Markets then Global Co-Head of Primary and Credit Markets at
BNP Paribas.
The Company has agreed with the Executive of the UK Takeover
Panel that, due to Mr Jacquard's new employment, he should be
treated as part of the concert party comprising Chenavari Credit
Partners LLP (acting as discretionary portfolio manager for
Chenavari European Opportunistic Credit Fund Limited), other group
companies in the Chenavari Financial Group and certain other
individuals connected with, or employed by, the Chenavari Financial
Group.
The UK Takeover Panel has confirmed that the employment of Mr
Jacquard will be treated as parties "coming together to act in
concert" under Note 1 on Rule 9.1 of the UK Takeover Code (the
"Code"), and thus will not require a mandatory offer to be
made.
Due to Mr Jacquard's shareholding in the Company, the majority
of which was acquired at the time of the Company's initial public
offer, the concert party now holds more than 50% of the Company's
voting share capital and (for so long as they continue to be
treated as acting in concert) may accordingly increase their
aggregate interest in shares without incurring any obligation under
Rule 9 to make a general offer, although individual members of the
concert party will not be able to increase their percentage
interests in shares through or between a Rule 9 threshold without
UK Takeover Panel consent.
Details of concert party holding:
No. of
Concert Party Status Shares % O/S
----------------------- ----------------------- ------------------ --------
Chenavari European
Opportunistic Credit Fund managed by
Fund Limited Chenavari 96,692,112 29.766%
----------------------- ----------------------- ------------------ --------
Loic Fery Employee 19,115,918 5.885%
----------------------- ----------------------- ------------------ --------
Fred Couderc Employee 15,035,216 4.628%
----------------------- ----------------------- ------------------ --------
Benoit Pellegrini Employee 11,837,999 3.644%
----------------------- ----------------------- ------------------ --------
Chenavari Investment Chenavari group
Managers Holdings entity 8,809,502 2.712%
----------------------- ----------------------- ------------------ --------
Benjamin Jacquard New employee 7,258,876 2.235%
----------------------- ----------------------- ------------------ --------
Malek Meslemani Employee 1,353,320 0.417%
----------------------- ----------------------- ------------------ --------
Mick Vasilache Employee 1,085,046 0.334%
----------------------- ----------------------- ------------------ --------
Director of Chenavari
Roberto Silvotti group entity 954,692 0.294%
----------------------- ----------------------- ------------------ --------
Guy Goyard Employee 793,962 0.244%
----------------------- ----------------------- ------------------ --------
Demain Brasil Employee 683,595 0.210%
----------------------- ----------------------- ------------------ --------
Jeremie Benichou Relation of Employee 600,000 0.185%
----------------------- ----------------------- ------------------ --------
Jean Fau Employee 507,614 0.156%
----------------------- ----------------------- ------------------ --------
Anne Fery Relation of Employee 334,652 0.103%
----------------------- ----------------------- ------------------ --------
Ally Chow Employee 325,879 0.100%
----------------------- ----------------------- ------------------ --------
Steve Sabatier Employee 203,200 0.063%
----------------------- ----------------------- ------------------ --------
Anton Spadar Employee 94,934 0.029%
----------------------- ----------------------- ------------------ --------
Edward Smalley Employee 52,056 0.016%
----------------------- ----------------------- ------------------ --------
Ti Chen Employee 10,768 0.003%
----------------------- ----------------------- ------------------ --------
Total 165,749,341 51.024%
------------------------------------------------ ------------------ --------
Further information in relation to the Company is available
at:
http://www.chenavaritoroincomefund.com
Enquiries:
Kirstie Sumarno +44 (0)20 7259 3600
tlir@chenavari.com
Chenavari Investment Managers
William Simmonds +44 (0)20 7742 4000
J.P. Morgan Cazenove
This information is provided by RNS
The company news service from the London Stock Exchange
END
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