Chenavari Capital Solutions Limited Partial Compulsory Redemption of Shares (2602R)

TIDMCCSL

RNS Number : 2602R

Chenavari Capital Solutions Limited

26 June 2020

Chenavari Capital Solutions Limited (the Company)

26 June 2020

Partial Compulsory Redemption of Shares

This announcement contains inside information

Further to the approval given by the Company's Shareholders on 15 March 2017 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 GBP3,500,000 on 23 July 2020 to Ordinary shareholders registered on 13 July 2020 (the "Redemption Record Date") by way of a compulsory partial redemption of up to 4,798,464 Ordinary Shares (the "Eleventh Redemption"). Approximately 21.9% of the issued share capital will be redeemed.

The Eleventh Redemption will be effected at 72.94 pence per Ordinary Share, being the NAV per Ordinary Share as at 31 May 2020. 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 13 July 2020. As at today's date, the Company has 21,921,801 Ordinary Shares in issue, of which none are held in treasury.

On this basis, a holder of 10,000 Ordinary Shares will have 2,188 Ordinary Shares redeemed, and receive GBP1,595.92 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 GG00BLLV7850 (the "Old ISIN") will expire.

The new ISIN number GG00BMGNHZ00 (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 14 July 2020.

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                   26 June 2020 
 Redemption Record Date                              13 July 2020 
                                                    ------------- 
 Redemption Date and expiry of Old ISIN number       13 July 2020 
                                                    ------------- 
 New ISIN number enabled                             14 July 2020 
                                                    ------------- 
 Redemption monies paid to uncertificated holdings   23 July 2020 
  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

Sophie Porter

Email: [e-mail]

Telephone: [phone]

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June 26, 2020 10:00 ET (14:00 GMT)