Lazard World Trust Fund Return of Capital (5078R)

TIDMWTR

RNS Number : 5078R

Lazard World Trust Fund

01 March 2019

Lazard World Trust Fund (the 'Company')

Return of Capital

Further to the first redemption announced on 25 January 2019 and in line with the managed wind-down proposals approved by Shareholders at the Extraordinary General Meeting of the Company held on 11 January 2019, the Company announces that it will return approximately GBP40 million to Shareholders, equivalent to approximately GBP3.37 per Share, effective on 8 March 2019 (the "Second Redemption Date") by way of a redemption of a proportion of all Shareholders' holdings of Shares (the "Second Redemption").

The Redemption Price per Share will be GBP3.466, by reference to the NAV per Share as at 27 February 2019. The Second Redemption will be effected pro rata to holdings of Shares on the register at the close of business today. Approximately 97% of the Company's issued share capital will be redeemed on the Second Redemption Date (that is approximately 97 Shares for every 100 Shares held). Fractional entitlements will be rounded down to the nearest whole Share. Where Shares are held by a nominee, including the Depository, it will be for the nominee to determine how the proceeds of any redemption in respect of the number of Shares entered next to its name on the Register are distributed among the beneficial owners of such Shares.

The Company currently has 11,879,803 Shares in issue with voting rights (excluding Shares held in treasury). All of the Shares redeemed on the Second Redemption Date will be cancelled. A further announcement will be released following the Second Redemption Date to confirm the new number of Shares in issue.

The existing ISIN, LU1938383087 (the "Old ISIN"), will be disabled in the CREST system after close of business on the Record Date. A new ISIN, LU1954556863, in respect of the remaining Shares which have not been redeemed (the "New ISIN") will be enabled and available for transactions from and including the first Business Day following the Second Redemption Date, being 11 March 2019.

Payments of redemption proceeds are expected to be effected either through CREST (in the case of Shares held in uncertificated form) or by bank transfer (in the case of Shares held in certificated form) within 14 Business Days of the Second Redemption Date. Shareholders will be paid their redemption proceeds in Sterling.

Following the Second Redemption, the Company will have returned in aggregate c.GBP110 million pursuant to the managed wind down of the Company. The balance of assets have been retained by the Company to satisfy certain legal and regulatory requirements, as well as to fund all contractual agreements and commitments both prior to and during the proposed liquidation of the Company. It is not therefore anticipated that the Company will undertake any further redemptions prior to the approval of the liquidation of the Company by Shareholders. The distribution of any remaining assets in the Company will therefore be undertaken by the appointed liquidator. The Company expects to publish a circular in relation to the proposed liquidation shortly.

Words and expressions that were defined in the Circular posted to shareholders on 20 December 2018 (the "Circular") will have the same meaning where they are used in this announcement, except where the context requires otherwise.

Expected Timetable

 
                                                         2019 
 Second Redemption announcement date                  1 March 
                                       Close of business on 1 
 Record date                                            March 
                                       Close of business on 8 
 Second Redemption Date                                 March 
 New ISIN enabled, CREST Accounts 
  credited                                           11 March 
 Payment of proceeds                              By 28 March 
 

Enquiries:

 
  Lazard World Trust Fund 
 
    Cenkos Securities 
    Will Rogers/Alex Collins 
  020 7397 1920/1913 
  Link Company Matters 
   Jenny Thompson 
 

020 7954 9599

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March 01, 2019 02:00 ET (07:00 GMT)