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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Chenavari Capital Solutions Limited | LSE:CCSL | London | Ordinary Share | GG00BMGNHZ00 | RED ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 47.58 | 35.00 | 60.16 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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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March 17, 2017 12:30 ET (16:30 GMT)
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