Notice of compulsory partial redemption of shares (8411F)
May 03 2011 - 11:01AM
UK Regulatory
TIDMFCAP
RNS Number : 8411F
FRM Credit Alpha Limited
03 May 2011
FRM Credit Alpha Limited
(the "Company")
Notice of compulsory partial redemption of shares
Further to the approval by the Company's shareholders of the
managed wind-down proposals as described in the circular to
shareholders dated 4 February 2011, the Company has resolved to
return GBP29,500,000 (equivalent to approximately 44.61 pence per
share) by way of a compulsory partial redemption of shares (the
"Redemption") at a price of 88.6 pence (the Company's NAV per share
as at 31 March 2011). Payments of redemption monies are expected to
be effected either through CREST (in the case of shares held in
uncertificated form) or by cheque (in the case of shares held in
certificated form) by 18 May 2011. Certificated shareholders must
send all of their share certificates to the Company's Registrar in
order to receive their redemption monies.
The Redemption will be effected pro rata to holdings of shares
on the register at the close of business on 11 May 2011 (the
"Redemption Date"). Approximately 50.36 per cent. of the Company's
issued share capital (that is 50.36 shares for every 100 held (the
"Redemption Ratio")) will be redeemed on the Redemption Date.
Fractions of shares produced by the Redemption Ratio 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 the monies from the realisation of the Company's
investments received up to and including 3 May 2011 pursuant to the
managed wind-down of the Company, less the costs and expenses of
this partial redemption and cash being retained for the Company's
working capital requirements. The costs and expenses of this
partial redemption are estimated not to exceed GBP5,000.
The Company currently has 66,133,577 shares in issue. 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 GG00B1QH6J27 (the "Old ISIN") will expire.
The new ISIN number GG00B3ZPG020 (the "New ISIN") in respect of the
remaining shares which have not been redeemed will be enabled and
available for transactions from and including 12 May 2011. Up to
and including the Redemption Date, shares will be traded under the
Old ISIN and as such, a purchaser of such shares may have a market
claim for a proportion of the redemption proceeds following the
activation of the New ISIN. CREST will automatically transfer any
open transactions as at the Redemption Date to the New
ISIN.Following this first distribution of cash to shareholders
pursuant to the managed wind-down, the management fee charged to
the Company by FRM Investment Management Limited will be based on
invested assets only (i.e. excluding cash). In addition, no
performance fee will be payable.
Enquiries:
Chris Brierley 020 7968 6136
(Financial Risk Management Limited)
Jane Lewis 020 3100 0295
(Winterflood Investment Trusts)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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