TIDMFAIR TIDMTTM
RNS Number : 0912P
Fair Oaks Income Fund Limited
15 November 2016
Fair Oaks Income Fund Limited
15 November 2016
FAIR OAKS INCOME FUND 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
Further to the announcement made on 4 July 2016 regarding the
Company's intention to return capital to Shareholders, and in line
with the approval then given by the Company's Shareholders to adopt
the revised Articles of Incorporation to vary the existing rights
of the Ordinary Shares (as described in the Circular dated 12 5
August 2016) the Company today announces that it will return
$3,335,850 (equivalent to 1.061 cents per share) on 30 November
2016 (the "Redemption Date") by way of a compulsory partial
redemption of shares (the "Second Redemption").
The Second Redemption will be effected at 97.10 cents, being the
NAV per Ordinary Share as at 31 October 2016. The Redemption will
be effected pro rata to holdings of Ordinary Shares on the register
at the close of business on the Redemption Record Date, being 30
November 2016. As at today's date, the Company has 314,373,974
Ordinary Shares in issue of which none is held in treasury. On this
basis 1.0928 per cent. 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.
The amount to be applied to the partial redemption of shares
comprises monies from the Company's existing cash balances.
All shares that are redeemed will be cancelled with effect from
the relevant Redemption Date. Accordingly, once redeemed, shares
will be incapable of transfer.
The Shares will all be disabled in CREST after close of business
on the Redemption Date and the existing ISIN number GG00BD5NCP31
(the "Old ISIN") will expire.
The new ISIN number GG00BYMJ6H15 (the "New ISIN") in respect of
the remaining Shares which have not been redeemed will be enabled
and available for transactions from and including 1 December
2016.
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 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 the redemption record
date on 30 November 2016.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,
Capita Asset Services, that you wish to receive your dividends in
sterling, you will need to advise them separately if you also wish
to receive redemption payments in sterling. If, at the time of the
first redemption payment, you instructed the Registrar, Capita
Asset Services, that you wished to receive redemption payments in
Sterling then you will not need to this again. However, if you now
wish to revoke the sterling election you should write to the
Registrar, Capita Asset Services prior to the redemption record
date on 30 November 2016 requesting that the election be removed
and that you wish to receive payment in US Dollars.
CREST shareholders must elect via the election form.
The Board anticipates that the Company will receive future
distributions from the Master Fund such that further share
redemptions may be declared on a quarterly basis. 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 15 November 2016
Record Date, Redemption date and expiry of old ISIN number 30
November2016
New ISIN number enabled 1 December 2016
Redemption monies paid to uncertificated holdings and 14
December 2016
certificated holdings
Enquiries:
Fair Oaks Income Fund Limited
Email: contact@fairoaksincomefund.com
Web: www.fairoaksincomefund.com
Fair Oaks Capital Limited
Hayley Stewart
DDI: +44 (0) 20 3034 0406
Email: hstewart@fairoakscap.com
Praxis Fund Services Limited
Ben Le Prevost
DDI: +44 (0) 1481 755524
Email: Ben.LePrevost@praxisifm.com
Numis Securities Limited
Nathan Brown, Corporate Broking
DDI: +44 (0) 20 7260 1426
Email: n.brown@numis.com
Fair Oaks Income Fund Limited
Fair Oaks Income Fund Limited is a registered closed-ended
collective investment scheme 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 London Stock
Exchange's Main Market) on 12 June 2014. The Company's ordinary
shares have the TIDM: FAIR.
The investment policy of the Company is to seek exposure to 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. The Company will implement its investment
policy by investing in FOIF LP (the "Master Fund").
Notes
This document is for information purposes only and is not an
offer to invest. All investments are subject to risk. Past
performance is no guarantee of future returns. Prospective
investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment
decisions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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