Sherborne Investors (Guernsey) A Notice of Partial Mandatory Redemption (2624Q)

TIDMSIAG

RNS Number : 2624Q

Sherborne Investors (Guernsey) A

11 October 2013

Sherborne Investors (Guernsey) A Limited

11 October 2013

Notice of Partial Mandatory Redemption and Publication of Circular

Further to the announcement on 11 September 2013, Sherborne Investors (Guernsey) A Limited (the "Company") announces that it will make a pro rata partial mandatory redemption of its shares (the "Redemption") by distributing up to 13,586,547 ordinary shares of F&C Asset Management plc ("F&C") and approximately GBP4.0 million on 22 October 2013 to Company shareholders of record as at close of business on 18 October 2013. The corresponding ex-date will be 22 October 2013. Accordingly, Company shareholders of record will receive approximately 1.59198 F&C shares, rounded down to whole shares, and 47.00 pence per share for each Company share owned.

SIGA, LP continues to hold 631,129 shares (approximately 7.4%) in the Company and it will therefore be entitled to participate pro rata in the Redemption. Assets received by SIGA, LP through the Redemption, less incentive fees payable to Sherborne Investors LP, as the Special Limited Partner, will be distributed to the Company when received.

The Company will redeem such number of Company shares that corresponds to the value ascribed to the assets to be distributed, pro rata across Company shareholders. This is expected to equate to approximately 97% of the holding of each Company shareholder. Following the Redemption and after taking into account incentive payments due to the Special Limited Partner, the Company's principal assets will consist of 803,635 shares of F&C (plus such number of shares of F&C referable to any fractional entitlements on the Redemption) and approximately GBP1.0 million in cash, such cash being held for paying expenses of the final liquidation.

The Company is today posting to shareholders a circular outlining plans for the liquidation of the Company (including any final distribution) and the cancellation of the Company's admission to trading on AIM (the "Proposals") with a view to seeking their approval for the Proposals at the Company's Extraordinary General Meeting to be held on 11 November 2013. As set out in the circular, subject to shareholder approval, it is anticipated that the listing of the Company's shares will be cancelled on 19 November 2013 and the final distribution of all remaining assets of the Company, after paying expenses of liquidation, will occur on or about 22 November 2013. If not approved, the Company will not be put into liquidation on 11 November, and the Board will formulate alternative proposals to be put forward in due course.

-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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