Absolute Return Trust Limited 1st Capital Return (7295S)
04 Décembre 2012 - 4:14PM
UK Regulatory
TIDMABR
RNS Number : 7295S
Absolute Return Trust Limited
04 December 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)
Notice of Compulsory Partial Redemption of Shares
4 December 2012
Notice of compulsory partial redemption of shares in Absolute
Return Trust Limited (the "Company").
Further to the approval by the Company's shareholders of the
winding down proposals as described in the circular to shareholders
on 15 August 2012 (the "Circular") the Company today announces that
it will return 96.63 pence and 70.02 EUR cents per GBP and EUR
share respectively on 21 December 2012 (the "Redemption Date") by
way of a compulsory partial redemption of shares (the "Redemption")
by reference to the 31 October 2012 NAV Calculation Date.
The Redemption will be effected pro rata to holdings of shares
on the register at the close of business on the Redemption Record
Date, being 14 December 2012. 73.78 per cent. of the Company's
issued share capital would be redeemed on the Redemption Date (that
is 73.78 Shares for every 100 GBP and EUR shares held respectively
(the "Relevant Percentage")). Fractions of Shares will not be
redeemed and so the number of shares to be redeemed for each
shareholder will be rounded down to the nearest whole number of
shares.
The amount to be applied to the partial redemption of shares
comprises the monies from the realisation of the Company's
investments received up to and including 30 November 2012 pursuant
to the winding down of the Company, less the cash required to serve
as collateral for the Company's FX hedging facility (described
below), and less the amount required to settle any liabilities
(including the estimated ongoing day to day running costs of the
Company, and the costs and expenses of this partial redemption).
The costs and expenses of this partial redemption are estimated not
to exceed GBP10,000, equivalent to approximately 0.1p per share
being redeemed.
As at today's date, the Company has 153,219,683 GBP shares and
9,412,088 EUR shares in issue of which none are held in treasury.
All of the shares redeemed on the Redemption Date will be
cancelled. A further announcement will be released following the
record date to confirm the new number of shares in issue for each
share class.
The shares will be disabled in CREST on the Redemption Date and
the existing ISINs numbers GB00B05PYY10 and GG00B29YCR78 (the "Old
ISINs") will expire. The new ISIN numbers GB00B82PW354 (GBP shares)
and GB00B7KFV440 (EUR shares) (the "New ISIN") in respect of the
remaining Shares which have not been redeemed will be enabled and
available for transactions from and including 21 December 2012. Up
to and including the Redemption Date, Shares will be traded under
the Old ISIN and as such, a purchaser of such 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 (which is the record date for the purposes of the
Redemption) into the New ISIN.
Payments of redemption monies are expected to be effected either
through CREST (in the case of shares held in un-certificated form)
or by cheque (in the case of shares held in certificated form) by
21 December 2012.
As previously indicated in the Circular, the Board intends to
maintain the currency hedging programme beyond the initial
redemption. The Company has arranged a currency hedging facility
which requires the Company to hold cash collateral, and is
retaining a cash balance of GBP8.0 m for this purpose. The
intention is to maintain the currency hedge (subject to the Company
holding sufficient cash collateral) until the second distribution
which is currently expected to be during the second quarter of
2013. After this time, the remaining assets will no longer be
hedged for movements in the Sterling and Euro exchange rates
against the US dollar.
All Enquiries:
Andrew Maiden
Northern Trust International Fund Administration Services
(Guernsey) Limited
Tel: +44 (0) 1481 745368
This information is provided by RNS
The company news service from the London Stock Exchange
END
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