TIDMAXI
RNS Number : 7821Z
Axiom European Financial Debt Fd Ld
19 December 2017
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR IN OR INTO THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
This announcement is an advertisement and not a prospectus.
Investors should not purchase or subscribe for any shares referred
to in this announcement except on the basis of information
contained in the prospectus published by Axiom European Financial
Debt Fund Limited (the "Company") on 8 May 2017 (the "Prospectus")
in connection with the creation of a placing programme (the
"Placing Programme") in respect of new ordinary shares of no par
value in the capital of the Company ("Shares"). This announcement
does not constitute and may not be construed as an offer to sell or
an invitation to purchase investments of any description, or as a
recommendation or the provision of investment advice by any party.
No information set out in this announcement or referred to in other
written or oral form (other than the Prospectus) is intended to
form the basis of any contract for sale, investment decision or any
decision to purchase shares in the Company.
19 December 2017
Axiom European Financial Debt Fund Limited
Results of Placing
The Board of Axiom European Financial Debt Fund Limited is
pleased to announce that the Company has raised gross proceeds of
approximately GBP16.0 million pursuant to a placing of 15,068,587
new Shares under the existing Placing Programme (the
"Placing").
The Company received applications for 15,068,587 Shares. The
placing price of the new Shares is 106.11 pence per Share,
representing a 1.6% premium to the latest published estimated cum
income NAV per Share of 104.44 pence announced on 19 December
2017.
The new Shares will, when issued, be credited as fully paid and
will rank pari passu in all respects with the existing Shares.
Application has been made for the new Shares to be admitted to
trading on the Specialist Fund Segment of the London Stock
Exchange's main market for listed securities ("Admission"). It is
expected that Admission will become effective and dealings in the
new Shares will commence at 8.00 a.m. on 21 December 2017.
Following Admission, the total number of Shares in issue will be
75,999,351 and the total number of voting rights in the Company
will be 75,999,351. There are no shares held in treasury. The above
figure of 75,999,351 may be used by shareholders as the denominator
for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest
in, the Company under the Disclosure Guidance and Transparency
Rules.
The Investment Manager has met with a number of existing
Shareholders and potential new investors over the last few weeks
and additional investor meetings are scheduled to take place in
early 2018. For those investors who were not able to participate in
this Placing, the Company expects to undertake a further placing
early in the first quarter of 2018 and will provide further details
in due course.
The Investment Manager sees significant investment opportunities
in the market over the coming months deriving from improving
fundamentals in the financial sector, combined with the
acceleration of the Basel 3 transition period. The Company is
seeking to deploy capital into the subordinated debt market to
benefit from the positive credit actions by rating agencies, which
should therefore support further spread compression. The Company
will focus more specifically on the estimated EUR165bn legacy
instruments universe, which currently provides (in the Investment
Manager's view) the most attractive risk reward profile in the
subordinated debt market. As the Basel 3 transition period enters
its last phase, corporate actions such as tenders and calls should
accelerate, hence supporting valuations. With year-to-date returns
in excess of 14%, the Company sees this period as a very attractive
window of opportunity to achieve its 10% long term target
returns.
Other information
Terms used in this announcement shall, unless the context
otherwise requires, bear the meanings given to them in the
Prospectus which can be found on the Company's website at
http://axiom-ai.com/web/en/axiom-european-financial-debt-fund-limited-2/.
References in the Prospectus to Liberum should instead be read
(where applicable) to refer to Winterflood Securities Limited
("Winterflood"), the sole corporate broker and financial adviser to
the Company, and sole bookrunner in relation to the Placing.
For further information please contact:
Axiom Alternative Investments
SARL
David Benamou, Managing Partner
Jerome Legras, Managing Partner +44(0)20 3807 0670
Winterflood Securities Limited
Andrew Marshall
Joe Winkley
Neil Morgan +44(0)20 3100 0000
MHP Communications
Reg Hoare
Giles Robinson
Rachel Cohen +44 (0)20 3128 8100
Important Information
This announcement is not for distribution, directly or
indirectly, in or into the United States of America (including its
territories and possessions, any state of the United States of
America and the District of Columbia) (the "United States"),
Australia, Canada, Japan or South Africa. This announcement does
not constitute, or form part of, an offer to sell, or a
solicitation of an offer to purchase, any securities in the United
States, Australia, Canada, Japan or South Africa. The securities of
the Company have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "Securities Act") or the US
Investment Company Act of 1940, as amended and may not be offered
or sold directly or indirectly in or into the United States or to
or for the account or benefit of any U.S. Person (within the
meaning of Regulation S under the Securities Act). The securities
referred to herein have not been registered under the applicable
securities laws of Australia, Canada, Japan or South Africa and,
subject to certain exceptions, may not be offered or sold within
Australia, Canada, Japan or South Africa or to any national,
resident or citizen of Australia, Canada, Japan or South
Africa.
This announcement has been issued by and is the sole
responsibility of the Company.
No representation or warranty, express or implied, is or will be
made as to, or in relation to, and no responsibility or liability
is or will be accepted by, Winterflood or by any of its affiliates
or agents as to or in relation to the accuracy or completeness of
this announcement or any other written or oral information made
available to or publicly available to any interested party or its
advisers and any liability therefore is expressly disclaimed.
Winterflood, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as sole
financial adviser to the Company and bookrunner and is acting for
no-one else in connection with the Placing and the contents of this
announcement and will not be responsible to anyone other than the
Company for providing the protections afforded to clients of
Winterflood or for providing advice in connection with the Placing
and the contents of this announcement or any other matter referred
to herein.
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates",
"anticipates", "expects", "intends", "may", "will" or "should" or,
in each case, their negative or other variations or comparable
terminology. These forward-looking statements include all matters
that are not historical facts. All forward-looking statements
address matters that involve risks and uncertainties. Accordingly,
there are or will be important factors that could cause the
Company's actual results to differ materially from those indicated
in these statements. Any forward-looking statements in this
announcement reflect the Directors' current views with respect to
future events and are subject to these and other risks,
uncertainties and assumptions relating to the Company's operations,
results of operations and growth strategy. Prospective investors
should specifically consider the factors identified in this
announcement and the Prospectus which could cause actual results to
differ before making an investment decision. These forward looking
statements speak only as of the date of this announcement. Subject
to its legal and regulatory requirements, the Company expressly
disclaims any obligation to update or revise any forward-looking
statement contained herein to reflect changes in expectations with
regard thereto or any change in events, conditions or circumstances
on which any statement is based, unless required to do so by law or
any appropriate regulatory authority, including FSMA, the London
Stock Exchange, the GFSC, the RCIS Rules, the Prospectus Rules, MAR
and the Disclosure Guidance and Transparency Rules.
This announcement does not constitute an invitation to engage in
investment activity.
The value of investments may go down as well as up, and all of
an investment in the Company would be at risk. Past performance is
not a guide to future performance and the information in this
announcement or any documents relating to the Placing Programme
cannot be relied on as a guide to future performance. Persons
needing advice should contact a professional adviser.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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