Notice of compulsory partial redemption of shares (4404K)
July 14 2011 - 12:02PM
UK Regulatory
TIDMFCAP
RNS Number : 4404K
FRM Credit Alpha Limited
14 July 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, and following on from the first
distribution of cash to shareholders announced on 3 May 2011, the
Company has resolved to return approximately GBP8,000,000 by way of
a further compulsory partial redemption of shares (the
"Redemption") at a price based on the Company's final NAV per share
as at 30 June 2011. The Company's NAV as at 30 June2011 is expected
to be published on or around 21 July 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 29 July 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 22 July 2011 (the
"Redemption Date"). Based on the Company's current estimated NAV,
approximately 29 per cent. of the Company's issued share capital
(that is 29 shares for every 100 held (the "Redemption Ratio"))
would be redeemed on the Redemption Date. Further more detailed
information will be released in due course. 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 Redemption
is equivalent to approximately 25.69 pence per share.
The Redemption amount comprises the monies from the realisation
of the Company's investments received up to and including 13 July
2011 pursuant to the managed wind-down of the Company, less the
costs and expenses of this Redemption and cash being retained for
the Company's working capital requirements. The costs and expenses
of this Redemption are estimated not to exceed GBP5,000.
The Company currently has 31,135,738 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 GG00B3ZPG020 (the "Old ISIN") will expire.
The new ISIN number GG00B4K46K11 (the "New ISIN") in respect of the
remaining shares which have not been redeemed will be enabled and
available for transactions from and including 25 July 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.
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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