Duet Real Estate Finance Limited Dividend and Return of Capital - replacement (6665W)

TIDMDREF

RNS Number : 6665W

Duet Real Estate Finance Limited

10 February 2017

The following amendment has been made to the 'Dividend and Return of Capital' announcement released on 10 February 2017 at 17:41 under RNS No 6650W.

"Consequently, and further to smaller prior distributions received from the Master Fund, the Board announces today that it has resolved to return an amount of 6.06 pence per share" should read "Consequently, and further to smaller prior distributions received from the Master Fund, the Board announces today that it has resolved to return an amount of 6.23 pence per share".

All other details remain unchanged.

The full amended text is shown below.

10 February 2017

Duet Real Estate Finance Limited

("DREF" or the "Company")

Dividend and Return of Capital

Dividend

The board of the Company is pleased to announce a dividend of 0.40 pence per Ordinary Share, payable on 10 March 2017 to those Shareholders on the register as at 24 February 2017. Dividends to date, including this distribution, paid on shares issued at the time of the Company's Initial Public Offering, total 26.45 pence per share.

Return of Capital

As previously announced on 25 January 2017, full repayment of all principal and accrued interest has been received on the Master Fund's Belgian Office loan (Loan 11), earning returns in-line with its investment criteria.

Consequently, and further to smaller prior distributions received from the Master Fund, the Board announces today that it has resolved to return an amount of 6.23 pence per share, based on the current number of shares in issue, totalling GBP4.47 million, after retaining a reserve for the costs of this distribution along with amounts to be withheld for working capital. This return of capital will be done via an issue of redeemable B shares to existing Shareholders and subsequent redemption of those shares pro rata to their holding at the time of the relevant issue.

The return of capital will be paid to Shareholders on the register at the close of business on 22 February 2017 (the "Record Date"). The ex-date will be 21 February 2017. The B shares will be issued on 24 February 2017 (the "Issue Date"), redeemed on 27 February 2017 (the "Redemption Date") and settlement is intended to be effected on 28 February 2017. Payments of redemption monies are expected to be made either through CREST (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form).

Winding Up

Following the above dividend and capital return, the Company will have minimal net assets and so the Directors will propose to shareholders that the Company be wound up. A full circular detailing these proposals and the convening of a general meeting of the Company to put them into effect will be announced and sent to shareholders shortly.

The Company's Legal Entity Identifier is 213800OG1CKA497KUU30.

For further information, please contact:

   DRC Capital LLP                        [phone] 

Dale Lattanzio

Cyrus Korat

   Stifel Nicolaus Europe Limited      [phone] 

Neil Winward

Mark Bloomfield

Tunga Chigovanyika

This information is provided by RNS

The company news service from the London Stock Exchange

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February 10, 2017 13:37 ET (18:37 GMT)