Chenavari Capital Solutions Limited Partial Compulsory Redemption of Shares (2602R)
June 26 2020 - 10:00AM
UK Regulatory
TIDMCCSL
RNS Number : 2602R
Chenavari Capital Solutions Limited
26 June 2020
Chenavari Capital Solutions Limited (the Company)
26 June 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 GBP3,500,000 on 23 July
2020 to Ordinary shareholders registered on 13 July 2020 (the
"Redemption Record Date") by way of a compulsory partial redemption
of up to 4,798,464 Ordinary Shares (the "Eleventh Redemption").
Approximately 21.9% of the issued share capital will be
redeemed.
The Eleventh Redemption will be effected at 72.94 pence per
Ordinary Share, being the NAV per Ordinary Share as at 31 May 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 13 July 2020. As at today's date, the Company
has 21,921,801 Ordinary Shares in issue, of which none are held in
treasury.
On this basis, a holder of 10,000 Ordinary Shares will have
2,188 Ordinary Shares redeemed, and receive GBP1,595.92 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
GG00BLLV7850 (the "Old ISIN") will expire.
The new ISIN number GG00BMGNHZ00 (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 14 July
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 26 June 2020
Redemption Record Date 13 July 2020
-------------
Redemption Date and expiry of Old ISIN number 13 July 2020
-------------
New ISIN number enabled 14 July 2020
-------------
Redemption monies paid to uncertificated holdings 23 July 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
Sophie Porter
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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