Terra Capital PLC Second Compulsory Redemption of Shares (0270C)
September 26 2018 - 7:02AM
UK Regulatory
TIDMTCA
RNS Number : 0270C
Terra Capital PLC
26 September 2018
TERRA CAPITAL PLC (THE "COMPANY")
SECOND COMPULSORY REDEMPTION OF SHARES
Legal Entity Identifier: 2138006S6U2X7L4R8V74
26 September 2018
Further to the Company's previous announcements and as per the
Compulsory Redemption mechanism outlined in the Company's Circular
dated 15 June 2018 (the "Circular"), the Company advises that it
will return to Shareholders by way of a compulsory partial
redemption of Ordinary Shares an amount of approximately $11.8
million.
The Investment Manager continues to realise the portfolio of
investments and the Board expects to announce a third redemption
before the end of 2018.
The percentage of Ordinary Shares being redeemed has been
determined at the Directors' sole discretion and does not relate to
the percentage of proceeds being distributed following the
realisation of the Company's portfolio. The number of Ordinary
Shares to be redeemed in aggregate in this second redemption will
represent 50 per cent. of the Company's issued share capital (the
"Redemption") as at close of business on Wednesday 3 October 2018
(the "Redemption Record Date").
Payment will be made on 10 October 2018 being the redemption
payment date (the "Redemption Payment Date"). The Redemption Price
will be $1.07 for each Ordinary Share being redeemed (the
"Redemption Price").
The Redemption Price has been determined by the Directors based
on the Net Asset Value as at 31 August 2018 which was announced to
the market on 17 September 2018 which has been adjusted in
consultation with the manager to reflect declines in frontier
markets since 31 August. As the Company is now operating as a
realisation company, the calculation of the Net Asset Value
includes an estimate of liquidation costs and a provision for all
ongoing fees and expenses expected to be incurred by the Company in
realising the assets and prior to liquidation. As at 31 August 2018
these provisions amounted to approximately $719,000 including a
provision for an amount of $255,000 which will be payable to the
Manager, based on all of the remaining assets being returned to
shareholders in cash at the current NAV, in accordance with the
revised management fee arrangements announced to the market in the
Circular dated 15 June 2018.
The Redemption will be effected pro rata to the holdings of
Ordinary Shares on the register at the close of business on
Wednesday 3 October 2018, being the Redemption Record Date. No
fractions of Ordinary Shares will be redeemed and the number of
Ordinary Shares to be redeemed for each Shareholder will be rounded
down to the nearest whole number of Ordinary Shares as
appropriate.
All existing Ordinary Shares will be traded under the existing
ISIN number IM00BD3D1V47 (the "Old ISIN") until close of business
on the Redemption Record Date. The Ordinary Shares being redeemed
will be disabled in CREST after close of business on the Redemption
Record Date and the Old ISIN will expire. The Ordinary Shares being
redeemed will be cancelled and all proceeds of the Redemption will
be paid in US Dollars on or around the Redemption Payment Date.
The new ISIN number IM00BFD2HQ29 (the "New ISIN"), in respect of
the remaining Shares which have not been redeemed, will be enabled
and available for transactions from 08:00 on 4 October 2018. CREST
will automatically transform any open transactions as at the
Redemption Date into the New ISIN.
Expected timetable:
Redemption Record Date 3 October 2018
Redemption Date and new ISIN 04 October 2018
enabled
Redemption Payment Date (on 10 October 2018
or around)
Terms not defined in this announcement shall have the same
meaning as those defined in the Circular.
For more information, please visit www.terracapitalplc.com or
contact:
Galileo Fund Services Limited (Administrator)
Frazer Pickering
+44 1624 692600
Panmure Gordon (UK) Limited (Nominated adviser and corporate
broker)
Jonathan Becher
+44 20 7886 2500
Terra Capital plc.
Ian Dungate, Director
+44 1624 692600
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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