Chenavari Toro Income Fund Limited Replacement - Change of Portfolio Manager (2180I)
December 10 2020 - 4:40AM
UK Regulatory
TIDMTORO
RNS Number : 2180I
Chenavari Toro Income Fund Limited
10 December 2020
Chenavari Toro Income Fund Limited (the Company)
Legal Entity Identifier: 549300POOPYI3IQZNS35
10 December 2020
Change of Portfolio Manager - Correction Notice
The Board of directors of the Company and Chenavari Credit
Partners LLP ("Chenavari") have today agreed, that with effect from
the date of this announcement, Benoit Pellegrini will hand over day
to day responsibility for the portfolio management of the Company's
investment portfolio within Chenavari to Frederic Couderc, in
accordance with the succession plan agreed with the Board.
Whilst he is stepping down from his role as the portfolio
manager of the Company's portfolio, it has been agreed that Benoit
Pellegrini will continue to assist Frederic Couderc until 30
September 2021, in order to ensure a smooth transition of the
portfolio manager role.
The Board believes that the appointment of Frederic Couderc
meets the Company's long-term strategic objectives, and the
investment strategy and policy of the Company will remain
unchanged.
Identified as a Key Man in the Company's prospectus dated 25
April 2015, Frederic Couderc has been with Chenavari since 2009 and
has been acting as Co-Chief Investment Officer since 2011. Frederic
Couderc led the development of the ABS strategies within Chenavari.
In 2009 he launched with Benoit Pellegrini the Toro Capital I fund
(Toro I), the predecessor to the Company. He was the architect of
the transition from Toro I to a permanent capital listed vehicle
through the IPO of the Company in 2015.
Signalling further their alignment with the Company's
shareholders, Frederic Couderc has bought approximately two thirds
of Benoit Pellegrini's shareholding in the Company (representing
8,930,000 shares) at a price of EUR 0.5923 per share, a premium
over the closing price of a share as at
4 December 2020 (being EUR 0.56). As part of this transaction,
Loic Fery, founder and Co-Chief Investment Officer of Chenavari,
has bought 2,679,000 shares from Frederic Couderc (corresponding to
30% of the total shares purchased by Frederic Couderc from Benoit
Pellegrini). Following these transactions, Frederic Couderc and
Loic Fery are now interested in approximately 7.50% and 7.41% of
the issued share capital of the Company respectively versus 5.44%
and 6.53% previously. Benoit Pellegrini retains an interest in
4,464,673 shares representing approximately 1.47% of the issued
share capital of the Company.
Fred Hervouet, Chairman of the Company, commented:
Frederic Couderc co-founded Toro I in 2009 and contributed
actively to the development of the Company, working closely with
Benoit Pellegrini through the years. We welcome his appointment as
portfolio manager of the Company's investment portfolio and look
forward to a renewed focus on the continued reduction in the share
price discount to NAV and maximising value for all investors in the
Company. We also strongly value the acquisition of shares by
Frederic Couderc and Loic Fery at a premium to the current market
price. This demonstrates their conviction in the value of the
Company, and their commitment to reduce the discount and create
strong alignment with the shareholders of the Company. Finally, I
would like to thank Benoit Pellegrini for his considerable work
with the Company and the Board over the years.
An Investor Call will be organised by the Company in the New
Year.
Further information in relation to the Company is available
at:
http://www.chenavaritoroincomefund.com
Enquiries :
Sophie Porter / Guy Goyard
Chenavari Investment Managers
Email: tlir@chenavari.com
Telephone: +44 20 7259 3600
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014. This
announcement has been authorised for release by the Board of
Directors.
This announcement replaces the announcement issued on 07
December 2020 which was incorrect.
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END
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