Chenavari Toro Income Fund Limited Increase in Concert Party (4890K)

TIDMTORO

RNS Number : 4890K

Chenavari Toro Income Fund Limited

10 April 2018

Chenavari Toro Income Fund Limited (the "Company")

10 April 2018

This announcement contains price-sensitive information.

Increase in concert party holding as a consequence of the employment of Benjamin Jacquard

The Company announces that the concert party holding has increased to 51.02% as a consequence of the employment of Mr Jacquard by virtue of his shareholding in the Company.

Mr Jacquard has been appointed Head of Strategic Development at Chenavari Credit Partners LLP, the portfolio manager of the Company. Mr Jacquard was previously employed as Global Head of Credit Markets then Global Co-Head of Primary and Credit Markets at BNP Paribas.

The Company has agreed with the Executive of the UK Takeover Panel that, due to Mr Jacquard's new employment, he should be treated as part of the concert party comprising Chenavari Credit Partners LLP (acting as discretionary portfolio manager for Chenavari European Opportunistic Credit Fund Limited), other group companies in the Chenavari Financial Group and certain other individuals connected with, or employed by, the Chenavari Financial Group.

The UK Takeover Panel has confirmed that the employment of Mr Jacquard will be treated as parties "coming together to act in concert" under Note 1 on Rule 9.1 of the UK Takeover Code (the "Code"), and thus will not require a mandatory offer to be made.

Due to Mr Jacquard's shareholding in the Company, the majority of which was acquired at the time of the Company's initial public offer, the concert party now holds more than 50% of the Company's voting share capital and (for so long as they continue to be treated as acting in concert) may accordingly increase their aggregate interest in shares without incurring any obligation under Rule 9 to make a general offer, although individual members of the concert party will not be able to increase their percentage interests in shares through or between a Rule 9 threshold without UK Takeover Panel consent.

Details of concert party holding:

 
                                                              No. of 
 Concert Party            Status                              Shares     % O/S 
-----------------------  -----------------------  ------------------  -------- 
 Chenavari European 
  Opportunistic Credit    Fund managed by 
  Fund Limited             Chenavari                      96,692,112   29.766% 
-----------------------  -----------------------  ------------------  -------- 
 Loic Fery                Employee                        19,115,918    5.885% 
-----------------------  -----------------------  ------------------  -------- 
 Fred Couderc             Employee                        15,035,216    4.628% 
-----------------------  -----------------------  ------------------  -------- 
 Benoit Pellegrini        Employee                        11,837,999    3.644% 
-----------------------  -----------------------  ------------------  -------- 
 Chenavari Investment     Chenavari group 
  Managers Holdings        entity                          8,809,502    2.712% 
-----------------------  -----------------------  ------------------  -------- 
 Benjamin Jacquard        New employee                     7,258,876    2.235% 
-----------------------  -----------------------  ------------------  -------- 
 Malek Meslemani          Employee                         1,353,320    0.417% 
-----------------------  -----------------------  ------------------  -------- 
 Mick Vasilache           Employee                         1,085,046    0.334% 
-----------------------  -----------------------  ------------------  -------- 
                          Director of Chenavari 
 Roberto Silvotti          group entity                      954,692    0.294% 
-----------------------  -----------------------  ------------------  -------- 
 Guy Goyard               Employee                           793,962    0.244% 
-----------------------  -----------------------  ------------------  -------- 
 Demain Brasil            Employee                           683,595    0.210% 
-----------------------  -----------------------  ------------------  -------- 
 Jeremie Benichou         Relation of Employee               600,000    0.185% 
-----------------------  -----------------------  ------------------  -------- 
 Jean Fau                 Employee                           507,614    0.156% 
-----------------------  -----------------------  ------------------  -------- 
 Anne Fery                Relation of Employee               334,652    0.103% 
-----------------------  -----------------------  ------------------  -------- 
 Ally Chow                Employee                           325,879    0.100% 
-----------------------  -----------------------  ------------------  -------- 
 Steve Sabatier           Employee                           203,200    0.063% 
-----------------------  -----------------------  ------------------  -------- 
 Anton Spadar             Employee                            94,934    0.029% 
-----------------------  -----------------------  ------------------  -------- 
 Edward Smalley           Employee                            52,056    0.016% 
-----------------------  -----------------------  ------------------  -------- 
 Ti Chen                  Employee                            10,768    0.003% 
-----------------------  -----------------------  ------------------  -------- 
 Total                                                   165,749,341   51.024% 
------------------------------------------------  ------------------  -------- 
 

Further information in relation to the Company is available at:

http://www.chenavaritoroincomefund.com

Enquiries:

Kirstie Sumarno [phone]

[e-mail]

Chenavari Investment Managers

William Simmonds [phone]

J.P. Morgan Cazenove

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 10, 2018 12:40 ET (16:40 GMT)