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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Acencia | LSE:ACD | London | Ordinary Share | GB00B0MSB420 | 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% | 1.615 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMACD
RNS Number : 6185S
AcenciA Debt Strategies Limited
25 September 2014
ACENCIA DEBT STRATEGIES LIMITED
(The "Company")
(Registered in Guernsey - Number 43787)
Registered Office:
Sarnia House, Le Truchot,
St Peter Port, Guernsey, GY1 4NA
Telephone: +44 1481 737600
Facsimile: +44 1481 749810
For immediate release 25 September 2014 ---------------------- ------------------
Results of EGM and Tender Offer
Further to the announcement of 5 September setting out continuation proposals for the Company, the Board of Directors is pleased to announce that at the Extraordinary General Meeting held earlier today, Shareholders voted overwhelmingly in favour of the implementation of those proposals. The breakdown of votes on the two Resolutions was as follows:
Votes In Favour (% of Votes Against (% of votes cast) votes cast) Resolution 1 (continuation proposals, amendment to investment policy and strategy, share repurchase authority) 56,794,495 (99.59%) 231,408 (0.41%) Resolution 2 (Takeover Code whitewash) 50,311,773 (88.63%) 6,451,481 (11.37%)
58,396,589 Shares, representing 51.20 per cent. of the Company's issued share capital, were tendered by Qualifying Shareholders for repurchase pursuant to the Tender Offer. Because this figure is lower than the Maximum Acceptance Threshold of 78 million Shares, and as both of the Resolutions were approved by Shareholders, the Company will continue to operate under its current investment objective for a further three years to 31 December 2017 in line with the new Investment Policy and Strategy.
It is expected that the Tender Offer will be implemented early next year, with the proceeds thereof credited to CREST accounts or paid by cheque to participating Shareholders on or around the week commencing 26 January 2015.
On the assumption that the Company neither issues nor repurchases any Shares prior to the date of the Tender Offer, and that the Saltus Concert Parties maintain their current level of shareholdings, the Company's issued share capital immediately subsequent to the Tender Offer will consist of 55,665,360 Shares, of which 16,475,000 Shares (representing 29.6 per cent.) will be held by the Saltus Concert Parties.
Saltus Concert Party Interests:
Saltus Partners LLP 10,113,058 Sandalwood Securities Inc 6,361,942
While the Saltus Concert Parties are presumed by the Panel to be acting in concert, Saltus Partners LLP and Sandalwood Securities Inc act independently of each other when voting their shares and do so in the interests of their underlying clients on whose behalf such shares are held and to whom they have fiduciary and other duties.
Jim Le Pelley, Chairman, stated:
"The Board is delighted to have received such unequivocal support for the continuation proposals, which we believe are in the best interests of all Shareholders. The fact that a substantial proportion of the share register wishes to maintain its investment on an ongoing basis is testament both to the strong portfolio performance which the Company has enjoyed since Shareholders last approved continuation in September 2011 and to the very attractive outlook for multi-strategy credit and event-driven strategies over the medium term. It is reassuring to see such support for specialist hedge fund mandates."
Enquiries
Praxis Fund Services (Company Secretary) +44 1481 737600 Saltus Partners LLP Jon Macintosh +44 20 7408 7765 Canaccord Genuity Limited David Yovichic +44 20 7523 8361 Kepler Partners LLP Hugh van Cutsem +44 20 3384 8796
Defined terms in this announcement shall have the same meaning as is given to them in the circular to shareholders published by the Company on 5 September 2014.
Canaccord Genuity Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as financial adviser to AcenciA Debt Strategies Limited and for no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than AcenciA Debt Strategies Limited for providing the protections afforded to customers of Canaccord Genuity Limited or for providing advice in relation to these matters.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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