TIDMTORO
RNS Number : 4357T
Toro Limited
17 July 2015
Toro Limited
Results of issue
Toro Limited ("Toro" or the "Company") announces that it raised
gross proceeds of EUR16,403,100 million in the placing that closed
at 3.00 p.m. today (the "July Placing"). 16,050,000 new Shares were
issued at a price of EUR1.022 per Share.
The issue price was determined by reference to the NAV per Share
as at 30 June 2015, of EUR1.0017 per Share, as increased by a
premium of two per cent.
Application has been made for the new Shares to be admitted to
trading on the Specialist Funds Market of the London Stock Exchange
and to listing and trading on the Official List of the Channel
Islands Securities Exchange Authority Limited ("Admission") and it
is expected that Admission will occur at 8.00 a.m. on 21 July
2015.
The proceeds of the issue will be used for investment in
accordance with the investment policy and for general corporate
purposes.
The July Placing is the first issue of new Shares under the
Placing Programme. The terms and conditions of the Placing
Programme are described in the prospectus dated 28 April 2015 (the
"Prospectus").
Included in the above figures are a total of 21,817 new Shares
issued in lieu of directors' fees to Frederic Hervouet and John
Whittle on the same terms as other investors.
About the Company
Toro, incorporated in Guernsey, is a closed-ended investment
company and was admitted to trading on the Specialist Fund Market
of the London Stock Exchange and to the Official List of the
Channel Islands Securities Exchange Authority Limited on 8 May
2015.
The investment objective of Toro is to deliver an absolute
return from investing and trading in Asset Backed Securities and
other structured credit investments in liquid markets, and
investing directly or indirectly in asset backed transactions
including, without limitation, through the origination of credit
portfolios. Toro continues and extends the credit strategy
successfully managed by the Chenavari Financial Group since
mid-2009 via its flagship fund Toro Capital IA and IB, whose
shareholders voted to transition their holdings to Toro for its
launch. www.torolimited.gg
About Chenavari
Chenavari is part of the Chenavari Financial Group, a specialist
alternative asset management group focusing on European & Asian
markets. With over 100 professionals and USD5.1 billion of assets
under management, funds managed by Chenavari target investment
strategies across Credit (Corporate and High yield, Financials,
Credit Derivatives), Structured Finance (ABS, CMBS, Regulatory
Capital) and Illiquid Opportunities (Private Debt, Real Estate,
Consumer Finance, Private Equity). Chenavari Financial Group
contains entities authorized and regulated by several regulators
globally, including the UK FCA, the Luxembourg CSSF, the US SEC,
the US CFTC and the Hong Kong SFC. www.chenavari.com
Enquiries:
Kirstie McLaren
Chenavari Investment Managers
Email: Investor-relations@chenavari.com
Telephone: +44 20 7259 3600
Ravi Anand / Robert Peel
Dexion Capital plc
Telephone: +44 20 7832 0900
IMPORTANT INFORMATION
This document has been issued by Toro, and should not be taken
as an inducement to engage in any investment activity and is for
the purpose of providing information about the Company. This
document does not constitute or form part of, and should not be
construed as, any offer for sale or subscription of, or
solicitation of any offer to buy or subscribe for, any share in the
Company or securities in any other entity, in any jurisdiction,
including the United States, Canada, Japan, South Africa nor shall
it, or any part of it, or the fact of its distribution, form the
basis of, or be relied on in connection with, any contract or
investment decision whatsoever, in any jurisdiction.
This document, and the information contained therein, is not for
viewing, release, distribution or publication in or into the United
States, Canada, Japan, South Africa or any other jurisdiction where
applicable laws prohibit its release, distribution or publication,
and will not be made available to any national, resident or citizen
of the United States, Canada, Japan or South Africa. The
distribution of this document in other jurisdictions may be
restricted by law and persons into whose possession this document
comes must inform themselves about, and observe, any such
restrictions. Any failure to comply with the restrictions may
constitute a violation of the federal securities law of the United
States and the laws of other jurisdictions.
The shares issued and to be issued by the Company (the "Shares")
have not been and will not be registered under the US Securities
Act of 1933, as amended (the "Securities Act"), or with any
securities regulatory authority of any state or other jurisdiction
of the United States. The Shares may not be offered, sold, resold,
pledged, delivered, distributed or otherwise transferred, directly
or indirectly, into or within the United States, or to, or for the
account or benefit of, US persons (as defined in Regulation S under
the Securities Act). No public offering of the Shares is being made
in the United States.
The Company has not been and will not be registered under the US
Investment Company Act of 1940, as amended (the "Investment Company
Act") and, as such, holders of the Shares will not be entitled to
the benefits of the Investment Company Act. No offer, sale, resale,
pledge, delivery, distribution or transfer of the Shares may be
made except under circumstances that will not result in the Company
being required to register as an investment company under the
Investment Company Act. Neither the U.S. Securities and Exchange
Commission (the "SEC") nor any state securities commission has
approved or disapproved of the Shares or passed upon or endorsed
the merits of the offering of the Shares or the adequacy or
accuracy of the Company's prospectus. Any representation to the
contrary is a criminal offence in the United States. In addition,
the Shares are subject to restrictions on transferability and
resale in certain jurisdictions and may not be transferred or
resold except as permitted under applicable securities laws and
regulations. Investors may be required to bear the financial risks
of their investment in the Shares for an indefinite period of time.
Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdictions.
No liability whatsoever (whether in negligence or otherwise)
arising directly or indirectly from the use of this document is
accepted and no representation, warranty or undertaking, express or
implied, is or will be made by the Company, or any of their
respective directors, officers, employees, advisers,
representatives or other agents ("Agents") for any information or
any of the opinions contained herein or for any errors, omissions
or misstatements. None of the Agents makes or has been authorised
to make any representation or warranties (express or implied) in
relation to the Company or as to the truth, accuracy or
completeness of this document, or any other written or oral
statement provided. In particular, no representation or warranty is
given as to the achievement or reasonableness of, and no reliance
should be placed on any, targets, estimates or forecasts contained
in this document and nothing in this document is or should be
relied on as a promise or
Unless otherwise indicated, the information provided herein is
based on matters as they exist as of the date of preparation and
not as of any future date.
All investments are subject to risk, including the loss of the
principal amount invested. Past performance is no guarantee of
future returns. All investments to be held by the Company involve a
substantial degree of risk, including the risk of total loss. The
value of shares and the income from them is not guaranteed and can
fall as well as rise due to stock market and currency movements.
When you sell your investment you may get back less than you
originally invested. You should always seek expert legal,
financial, tax and other professional advice before making any
investment decision.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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