Thames River Multi Hedge PCC Ltd THIRD Compulsory Redemption of Shares (6263L)
August 13 2013 - 12:29PM
UK Regulatory
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RNS Number : 6263L
Thames River Multi Hedge PCC Ltd
13 August 2013
THAMES RIVER MULTI HEDGE PCC LIMITED
(the "Company")
(a closed-ended, umbrella investment, protected cell company
incorporated with limited liability under the laws of Guernsey with
registered number 41511)
THIRD Redemption of Shares
Further to the portfolio disclosures included in the circular
dated 26 July 2013, the Company has entirely realised its
investment in Investcorp Prosiris and has now received GBP3.06
million from this investment.
Accordingly, and further to the powers granted to the Board at
the Company's extraordinary general meeting on 11 September 2012,
the Company today announces that GBP10.275 million , representing
approximately 77 per cent. of the Company's estimated net asset
value (NAV) as at 2 August 2013, will be redeemed at close of
business on 15 August 2013 (the "Redemption Date") by way of a
compulsory partial redemption of Sterling Shares (the "Third
Redemption").
In determining the quantum of the Third Redemption, the Board
has taken into account a number of considerations including, inter
alia, the Company's available cash, accumulated liabilities that
are not yet settled, costs of the liquidation proposals and
associated Liquidator's retention, and the estimated additional
running costs of the Company to ensure the Company's solvency test
requirements under the Companies Law will be satisfied. The Board
has been advised by the Investment Manager that proceeds from
Sector Expec have been delayed and are not expected to be received
by the fund until the end of the year.
Sterling Shares will be redeemed as at the Redemption Date, by
reference to the Net Asset Value per Sterling Share as at 2 August
2013 less any costs associated with the Third Redemption (the
"Redemption Price").
The Third Redemption will be effected pro rata to the holdings
of Sterling Shares on the register at the close of business on the
Redemption Date (which is the record date for the purposes of the
Third Redemption), being 15 August 2013.
The payment, which will be made to Shareholders on or around 20
August 2013, will represent GBP0.9927 pence per Sterling Share to
be redeemed.
Fractions of Shares will not be redeemed and so the number of
Sterling Shares to be redeemed for each Shareholder will be rounded
down to the nearest whole number of Shares.
All of the Shares redeemed on the Redemption Date will be
cancelled.
The Sterling Shares will all be disabled in CREST after close of
business on the Redemption Date and the existing ISIN number
GG00B9CLJZ17 (the "Old ISIN") will expire.
The new ISIN number GG00BD008D90 (the "New ISIN") in respect of
the remaining Shares which have not been redeemed will be enabled
and available for transactions from and including 16 August 2013.
Up to and including the Redemption Date, Shares will be traded
under the Old ISIN and as such, a purchaser of such Shares would
have a market claim for a proportion of the redemption proceeds.
CREST will automatically transform any open transactions as at the
Redemption Date into the New ISIN.
Expected timetable
Record Date, Redemption Date, expiry of old ISIN number. 15
August 2013 (close of business)
New ISIN enabled, Crest Accounts credited. 16 August 2013
Redemption monies paid (on or around) 20 August 2013
Queries to
Hugh Potter at Thames River Capital LLP: + 44 20 7011 5183
Stephen Rouxel at State Street (Guernsey) Limited: + 44 1481
704544
Will Rogers at Cenkos Securities Plc: + 44 207 397 1920
The Company is an authorised closed-ended investment scheme
domiciled in Guernsey. As an existing closed-ended fund the Company
is deemed to be granted an authorisation declaration in accordance
with section 8 of the Protection of Investors (Bailiwick of
Guernsey) Law 1987, as amended and rule 6.02 of the Authorised
Closed-ended Investment Schemes Rules 2008 on the same date as the
Company obtained consent under the Control of Borrowing (Bailiwick
of Guernsey) Ordinance 1959 to 1989.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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