Chenavari Capital Solutions Limited Partial Compulsory Redemption of Shares (5600E)
March 02 2020 - 2:00AM
UK Regulatory
TIDMCCSL
RNS Number : 5600E
Chenavari Capital Solutions Limited
02 March 2020
Chenavari Capital Solutions Limited (the Company)
2 March 2020
Partial Compulsory Redemption of Shares
This announcement contains inside information
Further to the approval given by the Company's Shareholders on
15 March 2017 to enable compulsory redemptions of the Ordinary
Shares (as described in the Circular dated 15 February 2017), the
Company today announces that it will return GBP11,000,000 on 31
March 2020 to Ordinary shareholders registered on 19 March 2020
(the "Redemption Record Date") by way of a compulsory partial
redemption of up to 12,832,477 Ordinary Shares (the "Tenth
Redemption"). Approximately 38.2% of the issued share capital will
be redeemed.
The Tenth Redemption will be effected at 85.72 pence per
Ordinary Share, being the NAV per Ordinary Share as at 31 January
2020. The Redemption will be effected pro rata to holdings of
Ordinary Shares on the register at the close of business on the
Redemption Record Date, being 19 March 2020. As at today's date,
the Company has 33,587,652 Ordinary Shares in issue, of which none
are held in treasury.
On this basis, a holder of 10,000 Ordinary Shares will have 3820
Ordinary Shares redeemed, and receive GBP3,274.50 in cash.
Fractions of Ordinary Shares will not be redeemed and so the
number of Ordinary Shares to be redeemed for each shareholder will
be rounded down to the nearest whole number of Ordinary Shares.
The amount to be applied to the partial redemption of Ordinary
Shares comprises monies from the Company's existing cash
balances.
All Ordinary Shares that are redeemed will be cancelled with
effect from the relevant Redemption Date. Accordingly, once
redeemed, Ordinary Shares will be incapable of transfer.
The Ordinary Shares will be disabled in CREST after close of
business on the Redemption Date and the existing ISIN number
GG00BK96BH26 (the "Old ISIN") will expire.
The new ISIN number GG00BLLV7850 (the "New ISIN") in respect of
the remaining Ordinary Shares which have not been redeemed will be
enabled and available for transactions from and including 20 March
2020.
Up to and including the Redemption Date, Ordinary Shares will
continue to be traded under the Old ISIN and as such, a purchaser
of such Ordinary Shares would have a market claim for a proportion
of the redemption proceeds. CREST will automatically transform any
open transactions as at the Redemption Date into the New ISIN.
Shareholders should note that the Board retains absolute
discretion as to the execution, extent and timing of any further
returns of capital.
Expected timetable for redemption:
Announcement of redemption notice 28 February
2020
Redemption Record Date 19 March 2020
--------------
Redemption Date and expiry of Old ISIN number 19 March 2020
--------------
New ISIN number enabled 20 March 2020
--------------
Redemption monies paid to uncertificated holdings 31 March 2020
and certificated holdings
--------------
Capitalised terms used but not defined in this announcement
shall bear the meanings ascribed to them in the Circular to
Shareholders dated 15 February 2017.
Enquiries:
Chenavari Investment Managers
Kirstie Sumarno
Email: ccslir@chenavari.com
Telephone: +44 20 7259 3600
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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