Global Fixed Income Realisation Ltd Tender Offer (8205R)

TIDMGFIR

RNS Number : 8205R

Global Fixed Income Realisation Ltd

26 September 2017

26 September 2017

GLOBAL FIXED INCOME REALISATION LIMITED

(a closed-ended investment company incorporated in Guernsey with registration number 45717)

TENDER OFFER

Further to the announcement of 18 September 2017, Global Fixed Income Realisation Limited (the "Company") announces that following receipt of realisation proceeds from investments, and having regard to working capital requirements and the requirements of the Guernsey law solvency regime, the Company is now in a position to implement a tender offer (the "Tender Offer") for shares in the Company ("Shares") for aggregate gross consideration of up to GBP 3,700,000 (the "Aggregate Gross Consideration").

The Company is yet to receive from 3D Propco Limited ("3DPC") details of the recent sale of its underlying asset, the Bintan Lagoon Resort ("BLR") in Indonesia, and in particular what the proceeds of sale of the BLR were and whether any additional distributions to 3DPC holders are expected. The Company reserves the right to increase the Aggregate Gross Consideration in the event that it receives any additional distributions from 3DPC prior to completion of the Tender Offer.

A circular (the "Circular") will be posted as soon as practicable to the Company's registered shareholders setting out the detailed terms and conditions of the Tender Offer and giving Shareholders the opportunity to tender their Shares for purchase for cash by means of the Tender Offer. The key elements of the Tender Offer are:

- Tendering Shareholders will bear the costs of the Tender Offer through the application of a discount to NAV of 0.5% of the Aggregate Gross Consideration (the "Tender Discount");

- The Tender Price will be GBP0.380488 per Share, which is calculated based on the unaudited NAV per Share as at 30 June 2017 less the Tender Discount;

   -     The maximum aggregate number of Shares the subject of the Tender Offer (subject to additional distributions from 3DPC mentioned above) will be 9,724,353, being the Aggregate Gross Consideration divided by the Tender Price, rounded down to the nearest whole number of Shares (the "Maximum Tender"); 

- Each Shareholder shall be entitled to have Numis repurchase a number of Shares that is equal to 26.959421% of its holding of Shares (the "Basic Entitlement"). This percentage is the same as the percentage which the Maximum Tender represents to the entire issued share capital of the Company (rounded down to the nearest whole number of Shares);

- Shareholders who validly tender a number of Shares that is less than or equal to their Basic Entitlement will have their tenders satisfied in full (subject to the Tender Offer not having lapsed or been terminated);

- Shareholders who validly tender a number of Shares that is higher than their Basic Entitlement will (subject to the Tender Offer not having lapsed or been terminated) have their tenders satisfied only to the extent that other Shareholders do not take up their Basic Entitlement;

- All successfully tendered Shares will be purchased on-market by Numis at the Tender Price. The Company shall, in turn, acquire those Shares from Numis, in accordance with the terms of the Repurchase Agreement for cancellation.

Shareholder approval is not required for the Tender Offer as the Company received authority at its AGM to repurchase the entire issued Share capital of the Company (less one share) through one or more tender offers.

Before taking any decision in relation to the Tender Offer, Shareholders are advised to read the Circular in it entirety and specifically the section entitled Risk Factors in relation to the Tender Offer.

The expected timetable for the Tender Offer is:

 
 
     Latest time and date for                    6.00 p.m. on 13 Oct 
      receiving Tender Forms and                                2017 
      TTE Instructions 
     Tender Record Date                            close of business 
                                                      on 13 Oct 2017 
     Tender Purchase Date and                            16 Oct 2017 
      announcement of result of 
      Tender 
     Despatch of cheques for Tender               20 Oct 2017 (or as 
      Offer consideration in respect             soon as practicable 
      of certificated shares sold                        thereafter) 
      under the Tender Offer 
     Despatch of any balance certificates         20 Oct 2017 (or as 
      in respect of any unsold                   soon as practicable 
      certificated Shares                                thereafter) 
 

Each of the times and dates in the above expected timetable may be extended or brought forward without further notice. If any of the above times and/or dates change materially, the revised time(s) and/or date(s) will be notified to Shareholders by an announcement through a RIS. All references are to London times unless otherwise stated.

Enquiries

Numis Securities Limited

Nathan Brown, Corporate Broking and Advisory

Tel. [phone]

Email: [e-mail]

Praxis Fund Services Limited

Tel. [phone]

Important Information

The information in this announcement should be read in conjunction with the full text of the Circular. Capitalised terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Circular.

This announcement and the information contained herein is not for publication, release or distribution, directly or indirectly, in or into the United States, Australia, Canada, Japan or South Africa or any jurisdiction in which the same would be unlawful.

This announcement is for information purposes only and does not constitute an invitation to tender shares or otherwise acquire or dispose of securities in the Company in any jurisdiction.

Numis Securities Limited ("Numis"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting for the Company and is acting for no-one else in connection with any tender offer declared by the Company and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for providing advice in relation to any tender offer by the Company or any other matter referred to herein. To the fullest extent permitted by law recipients agree that Numis shall not have any liability (direct or indirect) for or in connection with this announcement or any matters arising out of or in connection herewith. Numis has not authorised the contents of, or any part of, this announcement.

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

September 26, 2017 04:37 ET (08:37 GMT)