Alcentra European Fltng Rate Inc Fd Update on December 2019 Tender (7967T)
November 18 2019 - 11:57AM
UK Regulatory
TIDMAEFS
RNS Number : 7967T
Alcentra European Fltng Rate Inc Fd
18 November 2019
Alcentra European Floating Rating Income Fund Limited (the
"Company")
18 November 2019
Update on December 2019 Tender
The Board of Directors of Alcentra European Floating Rate Income
Fund Limited (the "Company") announces that the Company has
received Tender Requests for 16,510,128 Shares in respect of the
December 2019 Tender. These Tender Requests represent 13.8 per
cent. of the Company's Shares in issue, less than the maximum 20
per cent. of the Company's Shares in issue available to be tendered
in the quarter.
Ian Fitzgerald, chairman of the Company, said:
"Following the comprehensive review of the outlook for the
Company, the Board concluded that it would best serve Shareholders
by strengthening the approach to discount control through the
introduction of the Quarterly Tender Offers. Following the
announcement on 11 July, the discount to Net Asset Value at which
the Company's Shares trade has narrowed, latterly in the absence of
Share repurchases. Having received Tender Requests fewer than the
maximum available, it is pleasing to see Shareholders remain
supportive of the approach and strategy followed by the Company's
investment manager, Alcentra."
As set out in the circular to Shareholders published by the
Company on 28 August 2019 (the "Circular"), the Tender Price shall
be calculated as the Net Asset Value of the Company as at the
Calculation Date, being 31 December 2019, minus 1.5 per cent.
Following the Calculation Date, Shares successfully tendered shall
be repurchased by the Company on the Repurchase Date, being 10
January 2020. A further announcement shall be made on 13 January
2020 setting out the result of the December 2019 Tender.
Each of the dates referred to above may be extended or brought
forward at the Company's discretion. If any of the above dates
change, the revised date(s) will be notified to Shareholders by an
announcement through an RIS provider and any such announcement will
be placed on the Company's website. All references to times are to
London times.
Capitalised terms used in this announcement and not otherwise
defined have the meanings given to them in the Circular.
Enquiries:
Jasper Cross
BNP Paribas Securities Services S.C.A., Guernsey Branch
Tel: 01481750850
LEI: 549300BZ4K4RM8RKES49
This announcement contains Inside Information as defined under
the Market Abuse Regulation (EU) No. 596/2014.
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END
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