Duet Real Estate Finance Limited Return of Capital and Buyback Programme (9909E)
July 22 2016 - 6:05AM
UK Regulatory
TIDMDREF
RNS Number : 9909E
Duet Real Estate Finance Limited
22 July 2016
22 July 2016
Duet Real Estate Finance Limited
("DREF" or the "Company")
Return of Capital and Buyback Programme
Return of Capital
As announced on 13 July 2016, the Master Fund has fully realised
its UK Prime Office (Canary Wharf) loan (Loan 2) following the sale
of the portfolio underlying that investment. The Company's share of
proceeds from Loan 2 was GBP5.7 million, equivalent to 7.93 pence
per share. The Company subsequently received a capital distribution
of GBP5.5m, equivalent to 7.67 pence per share, from the Master
Fund.
Consequently, the Board announces today that it has resolved to
return an amount of 7.67 pence per share, based on the current
number of shares in issue, being GBP5.51 million in total, after
retaining a reserve of GBP6,200 for the costs of this distribution.
This return of capital will be done via an issue of redeemable B
shares to existing shareholders and subsequent redemption of those
shares pro rata to their holding at the time of the relevant
issue.
The return of capital will be paid to shareholders on the
register at the close of business on 5 August 2016 (the "Record
Date"). The ex-date will be 4 August 2016. The B shares will be
issued on 9 August 2016 (the "Issue Date"), redeemed on 10 August
2016 (the "Redemption Date") and settlement is intended to be
effected on 11 August 2016. Payments of redemption monies are
expected to be made either through CREST (in the case of shares
held in uncertificated form) or by cheque (in the case of shares
held in certificated form).
Following the return of capital, the NAV per share will be
reduced by the amount of the return of capital and the costs of the
redemption. Furthermore, the Company may continue to carry out
purchases of its own shares from time to time, subject to
regulatory restrictions and in accordance with the Company's
general authority to repurchase shares granted by its shareholders
at the Company's 2015 Annual General Meeting.
The NAV per share as at 31 March 2016 was reported as 14.48
pence. Following the return of capital of 7.67 pence per share, on
a pro forma basis but not adjusting for any other movements in the
period from 31 March 2016, NAV per share would be 6.81 pence.
The Company raised GBP76.0 million and has paid dividends of
GBP19.3 million and returned capital, including via the B share
issue above, of approximately GBP66.5 million. A total of GBP85.8
million therefore will have been paid out to shareholders since
inception of the Company. The number of shares in issue at 21 July
2016 is 71.8 million. Details of the capital return mechanism are
summarised in the Company's Prospectus, which may be accessed via
the Company's website (www.dreflimited.com).
For further information, please contact:
DRC Capital LLP +44 (0)20 7042 0600
Dale Lattanzio
Cyrus Korat
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Neil Winward
Mark Bloomfield
Tunga Chigovanyika
This information is provided by RNS
The company news service from the London Stock Exchange
END
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