Chenavari Capital Solutions Limited Partial Compulsory Redemption of Shares (6292W)

TIDMCCSL

RNS Number : 6292W

Chenavari Capital Solutions Limited

15 November 2017

Chenavari Capital Solutions Limited (the Company)

15 November 2017

Partial Compulsory Redemption of Shares

This announcement contains inside information

Further to the approval given by the Company's Shareholders to enable compulsory redemptions of the Ordinary Shares (as described in the Circular dated 15 February 2017), the Company today announces that it will return GBP12,000,000 on 30 November 2017 (the "Redemption Date") by way of a compulsory partial redemption of up to 12,908,777 Ordinary Shares (the "Third Redemption"). Approximately 11% of the issued share capital will be redeemed.

The Third Redemption will be effected at 92.96 pence per Ordinary Share, being the NAV per Ordinary Share as at 31 October 2017. The Third 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 November 2017. As at today's date, the Company has 117,253,944 Ordinary Shares in issue, of which none is held in treasury.

On this basis, a holder of 10,000 Ordinary Shares will have 1,100 Ordinary Shares redeemed, and receive GBP1,022.56 in cash.

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 GG00BF5KFD71 (the "Old ISIN") will expire.

The new ISIN number GG00BYQKQC52 (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 1 December 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          15 November 
                                                   2017 
-----------------------------------------  ------------ 
 Redemption Record Date                     30 November 
                                                   2017 
-----------------------------------------  ------------ 
 Redemption Date and expiry of Old          30 November 
  ISIN number                                      2017 
-----------------------------------------  ------------ 
 New ISIN number enabled                     1 December 
                                                   2017 
-----------------------------------------  ------------ 
 Redemption monies paid to uncertificated   13 December 
  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: [e-mail]

Telephone: [phone]

Fidante Capital

Robert Peel, Corporate Broking

Email: [e-mail]

Telephone: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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November 15, 2017 12:00 ET (17:00 GMT)