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Name | Symbol | Market | Type |
---|---|---|---|
Rolls-royce Fp | LSE:RRF | London | Right |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 88.50 | 82.00 | 95.00 | 0 | 01:00:00 |
TIDMRRF
RNS Number : 5760H
Rapid Realisations Fund Limited
12 July 2012
12 July 2012
RAPID REALISATIONS FUND LIMITED
("Rapid" or "the Company")
Sale of Investment in Take 2 Film Holdings Limited
Rapid Realisations Fund Limited (AIM: RRF) announces that on 12 July 2012 it sold its entire shareholding of 413,395 ordinary shares ("Sale Shares") (representing 31.4% of the entire issued share capital) in Take 2 Film Holdings Limited ("Take 2"), one of the largest independent suppliers of motion picture, digital camera and lighting equipment in the UK, for 78.6 pence per share, equivalent to GBP325,000 in total, and also received repayment in full, at par, of the outstanding balance of GBP875,000 on two loans provided to Take 2 by Rapid
(the "Transaction"). The total consideration for the Transaction is GBP1,200,000.
223,922 Sale Shares were purchased by existing management of Take 2 and an external investor. The remaining 189,473 Sale Shares were purchased by two directors of HLFM Limited, the Investment Manager of Rapid.
The Transaction proceeds will be used to fund the Company's investment policy objective of realising its investment portfolio and maximising the return of invested capital to Shareholders. A further announcement in relation to the timing and quantum of the next distribution will be made in due course.
For the purpose of the AIM Rules, the directors of the Investment Manager of Rapid are classified as related parties to Rapid. As such, their purchase of the Sale Shares constitutes a related party transaction under AIM Rule 13. The directors of the Company, Brett Miller, Rhys Davies and David McHugh, who are independent of the directors of the Investment Manager, having consulted with the Company's nominated adviser, Singer Capital Markets Limited, consider the terms of the directors of the Investment Manager's share purchase to be fair and reasonable so far as the shareholders of RRF are concerned.
-ends-
Enquiries:
Singer Capital Markets Limited James Maxwell (Nominated advisor and Broker) Samantha New +44 (0)203 205 7500 Rapid Realisations Fund Limited Rhys Davies +417 9620 0215
This information is provided by RNS
The company news service from the London Stock Exchange
END
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