Chenavari Capital Solutions Limited Partial Compulsory Redemption of Shares (0791L)

TIDMCCSL

RNS Number : 0791L

Chenavari Capital Solutions Limited

16 April 2018

Chenavari Capital Solutions Limited (the Company)

16 April 2018

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 GBP20,000,000 on 30 April 2018 (the "Redemption Date") by way of a compulsory partial redemption of up to 22,499,718 Ordinary Shares (the "Fourth Redemption"). Approximately 21.6% of the issued share capital will be redeemed.

The Fourth Redemption will be effected at 88.89 pence per Ordinary Share, being the NAV per Ordinary Share as at 29 March 2018. 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 April 2018. As at today's date, the Company has 104,345,215 Ordinary Shares in issue, of which none are held in treasury.

On this basis, a holder of 10,000 Ordinary Shares will have 2,156 Ordinary Shares redeemed, and receive GBP1,916.46 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 GG00BYQKQC52 (the "Old ISIN") will expire.

The new ISIN number GG00BF4J9110 (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 May 2018.

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             16 April 
                                                   2018 
-----------------------------------------  ------------ 
 Redemption Record Date                        30 April 
                                                   2018 
-----------------------------------------  ------------ 
 Redemption Date and expiry of Old             30 April 
  ISIN number                                      2018 
-----------------------------------------  ------------ 
 New ISIN number enabled                     1 May 2018 
-----------------------------------------  ------------ 
 Redemption monies paid to uncertificated   15 May 2018 
  holdings and certificated holdings 
-----------------------------------------  ------------ 
 

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

John Armstrong-Denby/Nick Donovan, Corporate Broking

Telephone: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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April 16, 2018 11:30 ET (15:30 GMT)