Dexion Trading Limited Result of Second Redemption Offer (6907Z)

TIDMDTL

RNS Number : 6907Z

Dexion Trading Limited

10 February 2014

Dexion Trading Limited

10 February 2014

Result of Second Redemption Offer

Second Redemption Offer

On 7 January 2014 the Directors determined to offer Shareholders (other than Restricted Shareholders) a Second Redemption Offer at NAV (less costs) for up to 30 per cent. of the Shares in issue (excluding any Shares held in treasury) as at the Record Date of 7 February 2014.

The Redemption Offer closed at 1.00 p.m. on 7 February 2014 and the Company today announces that, in accordance with the terms and conditions of the Redemption Offer, tenders for 20,052,061 Shares (representing 30 per cent of the Shares in issue at the Record Date) have been accepted by the Company.

Of such amount, 17,142,963 Shares constitute the aggregate Basic Entitlement of Shareholders who validly tendered Shares for redemption. The balance of 2,909,098 Shares will be redeemed pro rata using a percentage of approximately 8.12 per cent to scale back tenders in excess of the Basic Entitlement.

The Redeemed Shares have an aggregate value (using the estimated net assets of the Company as at 31 January 2014) of approximately GBP27.5 million (or approximately 30 per cent of the estimated net assets of the Company).

The Redemption Price per Share using the estimated Net Asset Value of the Company as at 28 February 2014, less all of the costs, fees and expenses attributable to the Second Redemption Offer, will be announced via RNS as soon as practicable.

The payment of Redemption Offer redemption monies is expected to be made by 31 March 2014.

Recommended proposals for a voluntary winding up of the Company

In light of the level of tenders for redemption received but unfulfilled in respect of the Second Redemption Offer, the Directors consider that it is in the best interests of Shareholders that the Company put forward liquidation proposals. A circular to Shareholders detailing the proposals and convening the necessary extraordinary general meeting will be published in due course.

Enquiries:

 
Robin Bowie / Katie Standley        Tel: +44 (0) 20 7832 0900 
 Dexion Capital plc 
Carol Kilby                         Tel: +44 (0) 1481 743 940 
 Dexion Capital (Guernsey) Limited 
Stuart Klein                        Tel: +44 (0) 20 7029 8000 
 Jefferies Hoare Govett

This information is provided by RNS

The company news service from the London Stock Exchange

END

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