FAIR OAKS INCOME
LIMITED
(the
"Company")
(Incorporated in Guernsey under The Companies (Guernsey) Law,
2008, as amended, with registered number 58123 and registered as a
Registered Closed-ended Collective Investment Scheme with the
Guernsey Financial Services Commission)
Return of Capital to
Realisation Shareholders
The Company announces that it will
return US$2,850,000.00 on 17 September 2024 (the "Redemption Date") by way of a
compulsory partial redemption of Realisation Shares (the
"Fourth
Redemption").
The Fourth Redemption will be
effected at 56.08 US cents per share, being the NAV per Realisation
Share as at 31 July 2024 of 58.08 US cents per share less the
dividend for the period to 28 June 2024 of 2.00 US cents per share.
The Fourth Redemption will be effected pro rata to holdings of
Realisation Shares on the register at the close of business on the
Redemption Record Date, being 17 September 2024. As at today's
date, the Company has 49,906,358 Realisation Shares in issue of
which none are held in treasury. On this basis approximately 10.18%
of each registered shareholding would be redeemed on the Redemption
Date.
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.
All shares that are redeemed will be
cancelled with effect from the Redemption Record Date. Accordingly,
once redeemed, shares will be incapable of transfer.
The Realisation Shares will all be
disabled in CREST after close of business on the Redemption Date
and the existing ISIN, GG00BPG7H086
(the "Old
ISIN"), will expire.
The new ISIN, GG00BSQNQD31 (the
"New ISIN"), in respect of
the remaining shares which have not been redeemed will be enabled
and available for transactions from and including the following
business day, 18 September 2024.
Up to and including the Redemption
Date, Realisation Shares will be traded under the Old ISIN and as
such, a purchaser of such Realisation 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 into the New ISIN.
The default payment will be US
Dollars however, redemption payments can also be paid in Sterling
providing the relevant shareholder has registered to receive
redemption payments in Sterling. This can
be done by completing the election form being posted to all
shareholders today, which is also available on the Company's
website at http://www.fairoaksincomefund.com.
Election forms must be returned to the Registrar by close of
business on 17 September 2024. An
announcement will be made prior to the redemption monies being paid
to confirm the rate per share to be used to pay
shareholders.
Please note that if you have
previously advised the Registrar, Link Group, that you wish to
receive your dividends in sterling, you will need to advise them
separately using the election mandate form if you also wish to
receive redemption payments in sterling.
CREST shareholders must make their
currency election via the election mandate form.
The Board anticipates that the
Company will receive future distributions from the Master Funds
such that further share redemptions may be declared, however,
shareholders should note that the Board retains absolute discretion
as to the execution, pricing and timing of any returns of
capital.
Expected Timetable for Redemption:
|
Posting of Redemption
Notice
|
9
September 2024
|
|
Record Date, Redemption date and
expiry of old ISIN
|
17
September 2024
|
|
New ISIN enabled
|
18
September 2024
|
|
Redemption monies paid to
uncertificated holdings and certificated holdings
|
1 October
2024
|
LEI: 2138008KETEC1WM5YP90
Enquiries:
Fair Oaks Income Limited
Email: contact@fairoaksincome.com
Web: www.fairoaksincome.com
Fair Oaks Capital Limited
Investor Relations
DDI: +44 (0) 20 3034 0400
Email: ir@fairoakscap.com
Sanne Fund Services (Guernsey) Limited
Email: Fairoaksgrp@apexfs.group
Duetsche Numis Securities Limited
Nathan Brown, Investment
Banking
DDI: +44 (0) 20 7260 1426
Email: n.brown@numis.com
Panmure Liberum Capital Limited
Chris Clarke, Investment
Banking
DDI: +44 (0) 20 3100 2190
Email: chris.clarke@liberum.com
Fair Oaks Income Limited
Fair Oaks Income Limited is a
registered closed-ended investment company incorporated in
Guernsey. The Company was admitted to trading on the Specialist
Fund Market of the London Stock Exchange (now the Specialist Fund
Segment of the Main Market of the London Stock Exchange) on 12 June
2014.
The investment policy of the Company
is to invest (either directly and/or indirectly through
FOIF II LP and FOMC III LP) in US and European CLOs or other vehicles and structures which
provide exposure to portfolios consisting primarily of US and
European floating-rate senior secured loans and which may include
non-recourse financing.