Sherborne Investors (Guernsey) A Notice of Distribution (8398L)

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

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