Formal Notice
09 Février 2010 - 1:07PM
UK Regulatory
TIDMTIC
TAPESTRY INVESTMENT COMPANY PCC LIMITED(the "Company")
9 February 2010
Notice of compulsory partial redemption of Shares
Notice of compulsory partial redemption of participating redeemable preference
shares in the Multi-Strategy (GBP) cell of the Company ("Shares")
Further to the approval by the Company's shareholders of the Managed Wind-Down
of the Company (as more particularly described in the circular that was sent to
Shareholders on 21 August 2009 (the "Circular")) at the Extraordinary General
Meeting and Class Meeting held on 11 September 2009 and in accordance with the
Company's Articles of Incorporation, the Company today announces that it will
return GBP23,850,003 (equivalent to 46.78p per Share) to holders of Shares on 24
February 2010 (the "Redemption Date") by way of a compulsory partial redemption
of Shares (the "Redemption"). The Redemption will be effected pro rata to
holdings of Shares on the register at the close of business on the Redemption
Date. Based on the Net Asset Value per Share on 31 December 2009 (being the Net
Asset Value Date), and having deducted the anticipated costs incurred in
connection with the Redemption, 46 per cent. of the Company's issued share
capital will be redeemed on the Redemption Date (that is 46 Shares for every
100 held (the "Redemption Ratio")). Fractions produced by the Redemption Ration
will not be redeemed and such Shares shall continue. The price at which each
Share will be redeemed will be 101.6985p.
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 4 February 2010 pursuant to the Managed Wind-Down, less any funds used
or required to settle any liabilities (including the estimated ongoing day to
day running costs of the Company).
Following the Redemption, a total of 66p per Share will have been returned to
Shareholders (calculated with reference to the Company's issued share capital of
83,576,840 as at the date of approval of the Managed Wind-Down).
Shares
As at today's date, the Company has 50,981,904 Shares in issue of which none are
held in Treasury. All of the Shares redeemed on the Redemption Date will be
cancelled.
The Shares will be disabled in CREST on the Redemption Date and the existing
ISIN number GB00B56ZXH13 (the"Old ISIN") will expire. The new ISIN number
GB00B638M064 (the "New ISIN") in respect of the remaining Shares which have not
been redeemed will be enabled and available for transactions on 25 February
2010. 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.
All capitalised terms have the meaning given to them in the Circular unless
otherwise stated.
Copies of the redemption notice which is being sent to shareholders today are
available from the Company's website.
Contacts for queries:
Tapestry Investment Company PCC Limited
Mel Carvill (Chairman)
01481 727111
Kleinwort Benson (Channel Islands) Fund Services Limited
Company secretary
01481 727111
Collins Stewart Europe Limited
Andrew Zychowski
Lucy Lewis
020 7523 8000
[HUG#1382189]
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