Redemption Facility (3198L)

TIDMABR

RNS Number : 3198L

Absolute Return Trust Limited

28 July 2011

Absolute Return Trust Limited (the "Company")

(a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 42733)

Redemption Facility

28 July 2011

Further to the announcement of 28 April 2011 where the Board offered a redemption facility for up to 15 per cent. of the Shares in issue (per Share class), the Board is in a position to provide further details. The Company received requests in respect of 107,714,995 (53.09% of the shares in issue as at 27 July 2011) Sterling Shares and 2,948,843 (25.12% of the shares in issue as at 27 July 2011) Euro Shares. In accordance with the terms of the redemption facility, 30,431,930 Sterling Shares and 1,760,972 Euro Shares will be redeemed on 30 September 2011 at their prevailing NAV on that date and proceeds will be distributed after the deduction of expenses associated with the redemption of the Shares. The Company also notes that the scale back ratios were 0.042180 and 0.348497 for the Sterling and Euro shares respectively.

Having discussed this process with the Manager, the Board is confident that this proposal can be effected without disrupting the Company's ongoing investment programme or materially changing the Company's investment portfolio diversity or liquidity profile.

The redemption monies payable in respect of redemption of any certificated shares will be paid to the holder (or in the case of joint holders, the holder whose name stands first in the register in respect of the shares) by cheque despatched within 10 business days of the completion of the calculations of the Net Asset Value of the Company as at 30 September 2011 (or as soon as practicable) or, if later, within 10 business days of the receipt of the certificate(s) (if any have been issued) or an indemnity in a form satisfactory to the Board in lieu of the certificate(s) in respect of the shares being redeemed. The calculation of the Net Asset Value of the Company as at 30 September 2011 is expected to be completed on or around 31 October 2011 and payment is expected to be made, and all shares released from escrow, during the week commencing 14 November 2011. Shares not accepted under the redemption facility will be returned (in the case of uncertificated Shares, to the applicable CREST accounts) in the week commencing 1 August 2011.

If a holder whose certificated Shares are to be redeemed fails to deliver the certificate(s) (if issued) for those shares to the Company, the Company may retain the redemption monies until such certificate is delivered.

The redemption monies payable in respect of the redemption of any uncertificated shares will be payable within 10 business days of completion of the calculations of the Net Asset Value of the Company as at 30 September 2011 (or as soon as practicable) to the holder by such method as may be determined by the Board.

The Company has the authority to offer a redemption facility to Shareholders half-yearly (at end-March and end-September) on an ongoing basis. Whilst recognising that implementation or otherwise of this facility will always be at the Board's exclusive discretion and that Shareholders should have no expectation that the Directors will under any circumstances operate this facility, it is the Board's current intention (subject to market conditions, shareholder sentiment and any legal or tax considerations) to offer the redemption facility for up to 6 per cent. of the issued Share capital of the Company per annum (calculated on a per Share class basis), commencing in 2012.

The Company also announces the following Director transactions that have taken place during this redemption process

Directors' redemptions

 
                                                        No. Shares              No. Shares 
                                                        submitted               accepted 
                        No. of Shares held              for                     for 
            Director                                    redemption              redemption 
            Andrew                                        26,218 
             Sykes                 174,790                (15%)                   26,218 
            Nicholas                                      47,500 
             Fry                   190,000                (25%)                   29,301 
            Robin                                         30,000 
             Rumboll               200,000                (15%)                   30,000

Enquiries

 
 Peter Vincent 
  Fauchier Partners               020 7009 9100 
 
 Andrew Maiden 
  Northern Trust International 
  Fund Administration Services 
  (Guernsey) Limited              01481 74 5638 
 
 William Simmonds 
  J.P. Morgan Cazenove            020 7588 2828

This information is provided by RNS

The company news service from the London Stock Exchange

END

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