NSA Nimrod Sea Asst

TIDMNSA

RNS Number : 4760K

Nimrod Sea Assets Limited

30 December 2015

NIMROD SEA ASSETS LIMITED

DIVIDEND DECLARATION AND INVESTMENT UPDATE

Overview

Nimrod Sea Assets Limited (LSE:NSA) (the "Company") is a Guernsey domiciled company with Ordinary Shares (ISIN: GG00BK0SC854, SEDOL: BK0SC85) admitted to trading on the Specialist Fund Market of the London Stock Exchange.

Declaration of Dividend

As per the Company's announcement dated 19 June 2015, (RNS Number: 7405Q) which advised that the Board anticipated declaring a quarterly dividend of 2 cents per Ordinary Share from the end of June 2015 until March 2016; the Directors of the Company on 30 December 2015 declared an interim dividend of 2 cents per Ordinary Share for the financial period ending 31 March 2016. This will be funded by income received net of expenditure and added to from the Company's capital resources.

This dividend will be payable on or around 22 January 2016 to holders on record on 8 January 2016. The corresponding ex-dividend date will be 7 January 2016.

Dividend Declarations & Review

As previously commented, since the Company's launch in March 2014, the oil price has been volatile, with Brent Crude trading initially to a high of USD115 in June 2014 and falling sharply since November 2014 and currently stands at USD44.06 as at 29 December 2015. Consequently, as previously announced, the Company has slowed its pace of investments, and also there have been delays in the income cash flows received from some of the underlying initial investments and their respective SPVs. Banks have become more cautious in applying their lending criteria to the sector whilst they wait for the oil price to stabilise and strengthen.

The Company's Board continues to be mindful of the Investment Period of 18 to 24 months following Admission detailed in the Prospectus, ending therefore between September 2015 and March 2016. Cognisant of both the current delays in income receipt by the Company and of shareholders' hopes for cash flow from the Company, the Board has been declaring a quarterly dividend of 2 cents per Ordinary Share from the end of June 2015 (of which the dividend declared above is the second), and anticipates continuing to do so until March 2016. This has and will continue to be funded by income received net of expenditure and added to from the Company's capital resources.

Alongside this dividend distribution the Board has conducted extensive reviews of the existing portfolio, investment policy and the investment process and future opportunities.

Conditions have remained uncertain, and the Board considers that, unless market conditions improve significantly, it is unlikely to make any further new investments. Consequently the Board anticipates returning unrequired uninvested capital after March 2016. Save for unanticipated market changes or events, the Company currently anticipates returning a further 20 cents per share at that stage. The Company will consider the best method of returning this sum to shareholders.

The Company is focused on maximising the return to shareholders from its existing assets and on ensuring it has the correct resources to do this.

Investor information

The latest available information on the Company can be accessed via the Company's website and a quarterly fact sheet will be posted on the Company's website in due course.

(www.nimrodseaassets.com).

This document has been issued by, and is the sole responsibility of the Company and is for information purposes only. It is not, and is not intended to be an invitation, inducement, offer, or solicitation, to deal in the shares of the Company. The price of shares in the Company and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of shares in the Company. An investment in the Company should be considered only as part of a balanced portfolio of which it should not form a disproportionate part. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision.

By order of the Board

30 December 2015

For further information, please contact:

For administrative and company information:

JTC (Guernsey) Limited

+44 (0) 1481 702400

For shareholder information:

Nimrod Capital LLP

Richard Bolchover

Marc Gordon

+44 (0) 20 7382 4565

E&OE - in transmission

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 30, 2015 09:00 ET (14:00 GMT)

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