Duet Real Estate Finance Limited Dividend and Return of Capital - replacement (6665W)
10 Février 2017 - 7:37PM
UK Regulatory
TIDMDREF
RNS Number : 6665W
Duet Real Estate Finance Limited
10 February 2017
The following amendment has been made to the 'Dividend and
Return of Capital' announcement released on 10 February 2017 at
17:41 under RNS No 6650W.
"Consequently, and further to smaller prior distributions
received from the Master Fund, the Board announces today that it
has resolved to return an amount of 6.06 pence per share" should
read "Consequently, and further to smaller prior distributions
received from the Master Fund, the Board announces today that it
has resolved to return an amount of 6.23 pence per share".
All other details remain unchanged.
The full amended text is shown below.
10 February 2017
Duet Real Estate Finance Limited
("DREF" or the "Company")
Dividend and Return of Capital
Dividend
The board of the Company is pleased to announce a dividend of
0.40 pence per Ordinary Share, payable on 10 March 2017 to those
Shareholders on the register as at 24 February 2017. Dividends to
date, including this distribution, paid on shares issued at the
time of the Company's Initial Public Offering, total 26.45 pence
per share.
Return of Capital
As previously announced on 25 January 2017, full repayment of
all principal and accrued interest has been received on the Master
Fund's Belgian Office loan (Loan 11), earning returns in-line with
its investment criteria.
Consequently, and further to smaller prior distributions
received from the Master Fund, the Board announces today that it
has resolved to return an amount of 6.23 pence per share, based on
the current number of shares in issue, totalling GBP4.47 million,
after retaining a reserve for the costs of this distribution along
with amounts to be withheld for working capital. 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 22 February 2017 (the "Record
Date"). The ex-date will be 21 February 2017. The B shares will be
issued on 24 February 2017 (the "Issue Date"), redeemed on 27
February 2017 (the "Redemption Date") and settlement is intended to
be effected on 28 February 2017. 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).
Winding Up
Following the above dividend and capital return, the Company
will have minimal net assets and so the Directors will propose to
shareholders that the Company be wound up. A full circular
detailing these proposals and the convening of a general meeting of
the Company to put them into effect will be announced and sent to
shareholders shortly.
The Company's Legal Entity Identifier is
213800OG1CKA497KUU30.
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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