Sherborne Investors (Guernsey) A Notice of Distribution (8398L)
August 16 2013 - 2:00AM
UK Regulatory
TIDMSIAG
RNS Number : 8398L
Sherborne Investors (Guernsey) A
16 August 2013
Sherborne Investors (Guernsey) A Limited
16 August 2013
Notice of Distribution
Sherborne Investors (Guernsey) A Limited (the "Company")
announces that it has received notice from Sherborne Investors
(Guernsey) GP, LLC (the "Managing Partner") that SIGA, LP, in which
the Company is a 99.98% limited partner, has transferred beneficial
ownership to the Company of 106,047,918 shares of F&C Asset
Management plc ("F&C") (subject to SIGA, LP retaining the
voting rights relating to such shares) and total return equity
swaps conferring a further economic interest in 7,313,885 shares of
F&C (the "Distribution").
The Board of the Company intends to distribute the above assets
in-kind to its shareholders as soon as practicable by effecting a
partial mandatory redemption of shares (the "Redemption"). The
Board expects to announce in the near future the date on which
shareholders of record will be entitled to receive distributions
pursuant to the Redemption.
Following the Distribution, SIGA, LP's principal remaining asset
is 7,764,903 shares (approximately 7.4%) of the Company, and it
will therefore be entitled to participate pro rata in the
Redemption. Assets received by SIGA, LP through the Redemption,
less any incentive fees payable to Sherborne Investors LP, as the
Special Limited Partner, will be distributed to the Company when
received. It is expected that the Company will effect a second
partial redemption when these proceeds are received from SIGA, LP
and in this second redemption will also distribute its cash
balances, subject to a reserve for expenses of liquidation. The
Company's cash balance following the Distribution is approximately
GBP4.8 million.
An affiliate of the Managing Partner owns 20 million shares of
the Company (approximately 19.0%) as of the date hereof and will be
entitled to receive, as a shareholder, its proportionate share of
assets distributed by the Company pursuant to the Redemption.
An unaudited summary of the Company's consolidated principal
assets following the Distribution is as follows:
Asset Amount
--------------------------- -------------------
Cash GBP4.8 million
--------------------------- -------------------
F&C Shares 106,047,918
--------------------------- -------------------
F&C Swaps 7,313,885
--------------------------- -------------------
Shares Outstanding(1) 97,235,097
--------------------------- -------------------
(1) Giving effect to the consolidation of SIGA, LP's holding of
7,764,903 shares in the Company.
-Ends-
Enquiries:
FTI Consulting +44 (0)20 7269 7170
Jonathon Brill
Latika Shah
Sherborne Investors (Guernsey) A Limited +44 (0)1481 721 672
Ian Brindle (Chairman)
Jeff Nicolle (Administrator)
Jefferies Hoare Govett (Nominated Adviser) +44 (0)20 7029 8000
Gary Gould
Graham Hertrich
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUVOAROBAWAUR
Sherborne Investors (LSE:SIAG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Sherborne Investors (LSE:SIAG)
Historical Stock Chart
From Jul 2023 to Jul 2024