EF Realisation Company Limited First Capital Distribution (7174P)

TIDMEFR

RNS Number : 7174P

EF Realisation Company Limited

04 September 2017

4 September 2017

EF Realisation Company Limited

First Capital Distribution

The Board of EF Realisation Company Limited ("EF Realisation" or the "Company") is pleased to announce a first capital distribution of approximately GBP3.0 million or 5.7 pence per EF Realisation share. This return of capital will be implemented by way of a compulsory redemption of shares (one share of every seven shares outstanding will be redeemed), pursuant to the Company's Compulsory Redemption Mechanism (the "Redemption"). The Redemption will be at a price equal to 40.07 pence per share (being the latest NAV per share prior to this announcement less the costs and expenses of this Redemption, expected to be approximately GBP20,000).

EF Realisation was admitted to trading on 26 September 2016, following the reconstruction of Ecofin Water & Power Opportunities plc. The Company's Investment Policy provides for an orderly realisation of its assets in a manner that seeks to achieve a balance between returning cash to its Shareholders promptly and maximising the value of the portfolio.

EF Realisation monetised various portfolio assets between March and August 2017 which, in aggregate, comprised approximately 20% of the portfolio and raised net proceeds of approximately GBP4.3 million. Most recently, EF Realisation received approximately GBP2.4 million from Eastern Australia Irrigation Limited which had sold certain of its water entitlements to the Australian Government and distributed a majority of the proceeds to its shareholders, including EF Realisation.

EF Realisation is returning GBP3.0 million of the GBP4.3 million to Shareholders and the balance of the net proceeds from asset realisations is being retained for working capital purposes.

The Redemption will be effected by way of a redemption of one share for every seven held by Shareholders on the Company's register at the close of business on 15 September 2017 (the "Redemption Date"), being the record date for the Redemption. Fractions of shares will not be redeemed and the number of shares to be redeemed from each Shareholder will be rounded down to the nearest whole number of shares.

Payments of redemption monies are expected to be effected either through CREST (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) by 29 September 2017. It is requested that certificated Shareholders send all of their share certificates to the Company's Registrar. Any share certificates for the balance of the holding will be distributed to Shareholders with their redemption monies.

The Company currently has 52,473,633 shares in issue. All of the shares redeemed on the Redemption Date will be cancelled.

The shares will be disabled in CREST on the Redemption Date and the existing ISIN number GG00BY7QK538 for the shares (the "Old ISIN") will expire. The new ISIN number GG00BF243Y95 for the shares (the "New ISIN") in respect of the remaining shares which have not been redeemed will be enabled and available for transactions on 18 September 2017. For the period up to and including the Redemption Date, shares will be traded under the Old ISIN and, as such, a purchaser of such shares may have a market claim for a proportion of the redemption proceeds following the activation of the New ISIN. CREST will automatically transfer any open transactions as at the Redemption Date to the New ISIN.

The Board of Directors reserves the right at its discretion to extend or bring forward any of the dates referred to in this announcement. Any revised date will be notified to Shareholders by a further announcement through a Regulatory Information Service provider.

Unless otherwise defined, capitalised words and phrases in this announcement shall have the meaning given to them in the prospectus published by the Company on 22 August 2016.

For further information please contact:

 
 BNP Paribas 
  Sarah Hendry, Company 
  Secretary                01481 750 822 
 Winterflood Investment 
  Trusts 
  Neil Langford 
  Chris Mills              020 3100 0000 
 Ecofin Limited 
  John Murray 
  Elspeth Dick             020 7451 2929 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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September 04, 2017 05:00 ET (09:00 GMT)