31 March 2012 - Redemption Facility (Requests) (4251W)
30 Janvier 2012 - 6:15PM
UK Regulatory
TIDMABR
RNS Number : 4251W
Absolute Return Trust Limited
30 January 2012
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 - 31 March 2012
30 January 2012
Further to the announcement of 29 November 2011 where the Board
offered a redemption facility for up to 6% of each shareholder's
holding (calculated on a per share class basis), the Board is in a
position to provide an update. The Company received requests in
respect of 32,214,382 Sterling shares (19.36% of the Sterling
shares in issue as at 27 January 2012) and 247,242 Euro shares
(2.58% of the Euro shares in issue as at 27 January 2012).
In accordance with the terms of the redemption facility,
8,631,528 Sterling Shares (5.19% of the Sterling shares in issue as
at 27 January 2012) and 224,243 Euro Shares (2.34% of the Euro
shares in issue as at 27 January 2012) will be redeemed on 31 March
2012 at their prevailing NAV on that date and proceeds will be
distributed after the deduction of expenses associated with the
redemption of the Shares.
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 31 March 2012 (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 31 March 2012 is expected to be
completed on or around 30 April 2012 and payment is expected to be
made, and all shares released from escrow, during the week
commencing 14 May 2012. Shares not accepted under the redemption
facility will be returned (in the case of uncertificated Shares, to
the applicable CREST accounts) by 3 February 2012.
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 31 March 2012 (or as soon as practicable) to the
holder by such method as may be determined by the Board.
The Company also announces the following Director transactions
that have taken place during this redemption process
Directors' redemptions
Director No. of Shares No. Shares submitted No. Shares accepted
held for redemption for redemption
Andrew Sykes 174,790 10,487 (6%) 10,487
Nicholas Fry 190,000 11,400 (6%) 11,400
Robin Rumboll 200,000 12,600 (6%) 12,600
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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