RNS Number : 1021D
Rapid Realisations Fund Limited
10 May 2012
10 May 2012
RAPID REALISATIONS FUND LIMITED
("Rapid" or "the Company")
Distribution of cash following redemption of bond
Rapid Realisations Fund Limited (AIM: RRF), announces that on 10 May 2012 it fully redeemed its convertible bond in Providence Resources Plc, an Irish based upstream oil and gas company active in Ireland and the United Kingdom, receiving GBP4.345 million in cash.
As a result of this transaction, Rapid will use the sale proceeds to return capital to shareholders and the board have resolved to return to shareholders 8p per Share by way of a bonus issue of B Shares to Shareholders on the Company's register on the record date of 18 May 2012. The Company's Shares will be marked ex-dividend on 16 May 2012.
Following their issue the B Shares will be immediately redeemed by the Company on a pro rata basis. The redemptions will have an anticipated settlement date of 23 May 2012.
Grant Thornton Corporate Finance Philip Secrett / David Hignell
+44 (0)20 7383 5100
Rapid Realisations Fund Limited Rhys Davies
+41 (0) 79 620 0215
This information is provided by RNS
The company news service from the London Stock Exchange