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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Goldman D USD | LSE:GSDU | London | Ordinary Share | GB00B173P701 | ORD NPV USD |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.015 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMGSDO TIDMGSDE TIDMGSDU
RNS Number : 1200K
Goldman Sachs Dynamic Opportunities
11 July 2011
11 July 2011
Goldman Sachs Dynamic Opportunities Limited
Redemption of EUR Shares and US$ Shares
Introduction
Following acceptances by EUR Shareholders and US$ Shareholders of the recent Redemption Proposals, the Directors have determined to exercise powers of redemption in respect of the remaining issued EUR Shares and US$ Shares as permitted by the Company's articles of association.
In the Company's circular dated 27 May 2011 the Directors stated that it was then their current intention not to exercise compulsory redemption rights. However, in view of the relatively small value of EUR Shares and US$ Shares now in issue, the Directors have concluded that, it is in the best interests of the Company as a whole that the remaining US$ Shares and EUR Shares now in issue be redeemed.
Redemption of EUR Shares and US$ Shares
-- Redemptions will be effected at the estimated NAV of the EUR Shares and US$ Shares respectively as at 30 June 2011 (less the costs of implementing the redemptions which may include penalty fees incurred in realising underlying investments).
-- Settlement (by cheque at the sole risk of the relevant Shareholder at its registered address) is expected to take place in one instalment by mid-August 2011.
-- No currency hedging arrangements are now in place in respect of the EUR Shares. Accordingly, the amounts received by EUR Shareholders whose EUR Shares are redeemed may alter from the estimated NAV as at 30 June 2011 where exchange rates between EUR and US$ move in that period.
-- Settlement of redemption monies in respect of EUR Shares and the US$ Shares which are redeemed are subject, amongst other things, to the Board being able to give the necessary certificate of solvency required by the Companies (Guernsey) Law, 2008, as amended, prior to payment.
-- Trail commissions will cease to be payable on all EUR Shares and US$ Shares which are redeemed with effect from 1 July 2011.
Conversion opportunity into GBP Shares
Before the redemption of EUR Shares and US$ Shares, EUR Shareholders and US$ Shareholders are first being offered the opportunity to convert their Shares into GBP Shares (being the only continuing Share class then in issue immediately following such redemption) by reference to the 30 June 2011 NAV Calculation Date should they wish to remain invested in the Company. Such conversion will be on the basis of the ratio of the estimated NAV of the EUR Shares or the US$ Shares (less any costs of effecting such conversion), to the estimated NAV of the GBP Shares to be converted to (each as at the 30 June 2011 NAV Calculation Date) and otherwise as set out in the Company's articles of association.
Any EUR Shares or US$ Shares which have not been validly elected for conversion by the closing time for conversion requests of 3.00 p.m. on 22 July 2011 and which remain on the register of EUR Shareholders or US$ Shareholders at 5.00 p.m. on 22 July 2011 (the "Record Date") will be redeemed. The registers of EUR Shareholders and US$ Shareholders will close at that time and EUR Shares and US$ Shares which are redeemed under the arrangements referred to above will be cancelled shortly thereafter. At that point the listing of the EUR Shares and the US$ Shares is expected to be cancelled.
Conversion requests into GBP Shares by reference to the 30 June 2011 NAV Calculation Date which have already been received will be treated as conversion requests pursuant to the conversion opportunity referred to above and hence no further action to effect conversion into GBP Shares will need to be taken (unless the relevant holder notifies Capita Registrars (at the address below) that it wishes to withdraw such conversion request and instead have its existing EUR Shares or US$ Shares redeemed).
EUR Shareholders and US$ Shareholders who wish to have their Shares redeemed should take no action (unless they have already submitted a conversion request). EUR Shareholders or US$ Shareholders who wish to convert their Shares into GBP Shares and who have not already submitted a conversion request in respect of the 30 June 2011 conversion date should follow the instructions set out under the heading "Conversion Process" below:
Conversion Process
In the case of EUR Shares or US$ Shares held in uncertificated form (and in respect of which a conversion request into GBP Shares has not already been submitted), the relevant USE instruction(s) must be submitted to Capita Registrars by not later than 3.00 p.m. on 22 July 2011 using the CREST information provided below and by viewing the relevant corporate action details in CREST:
CREST PARTICIPANT ID - RA10
MEMBER ACCOUNT CODE: EUR TO GBP - EUR2GBP US$ TO GBP - USD2GBP
In the case of EUR Shares or US$ Shares held in certificated form (and in respect of which a conversion request into GBP Shares has not already been submitted), a Conversion Notice must be requested from the Company's transfer agent at the following address:
Capita Registrars (Corporate Actions)
P.O. Box 166
34 Beckenham Road
Beckenham
Kent BR3 4TH
Telephone:
From UK: 0870 162 3100
From Overseas: +44 208 639 3399
To be valid the Conversion Notice and the appropriate EUR Share or US$ Share certificate must be received at the above address by not later than 3.00 p.m. on 22 July 2011.
Shareholders should note, however, that fractions of Ordinary Shares arising on conversion will be rounded down and that the costs of conversion may be disproportionate to the value of the Shares converted. Hence the aggregate Net Asset Value of those Ordinary Shares held after conversion may be less than before such conversion. Such notice once given shall be irrevocable without the consent of the Directors.
Once a notice to convert Shares has been given that Shareholder will not be able to deal in those Shares (whether in certificated or uncertificated form) in the period between giving notice of conversion and the actual date of conversion and such Shares will not be redeemed.
This notice is for information only. Any EUR Shareholder or US$ Shareholder who is in any doubt whether to convert or be redeemed is recommended to contact an independent financial adviser.
Expected Timetable
NAV Calculation Date for purposes 30 June 2011 of redemption of EUR Shares and US$ Shares Latest date for submission of relevant 3.00 p.m. on 22 July 2011 USE instruction(s) or receipt of Conversion Notice and EUR Share or US$ Share certificate (as appropriate) Record Date for redemption of EUR 5.00 p.m. on 22 July 2011 Shares and US$ Shares and registers of EUR Shareholders and US$ Shareholders close Conversion Date by 29 July 2011 Redemption Date by 29 July 2011 Expected settlement of redemption by mid-August 2011 monies in respect of redeemed EUR Shares and US$ Shares
Enquiries:
Robin Amer Tel: +44 (0)1481 744 000 RBC Offshore Fund Managers Limited Niklas Ekholm Tel: +44 (0)20 7051 9270 Head of International Public Relations Goldman Sachs Asset Management Anisha Patel Tel: +44 (0)20 7774 2523 Media Relations Goldman Sachs Asset Management Stuart Klein Tel: +44 (0)20 7678 8000 RBS Hoare Govett Limited
Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Circular dated 27 May 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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