Lazard World Trust Fund Result of Tender Offer (1065L)
September 28 2016 - 9:32AM
UK Regulatory
TIDMWTR
RNS Number : 1065L
Lazard World Trust Fund
28 September 2016
For release on 28 September 2016
Lazard World Trust Fund
Result of Tender Offer and Tender Price
Tender Offer
Further to the announcement of the proposed Tender Offer on 26
August 2016, the board of Lazard World Trust Fund (the "Company")
announces that the Tender Offer for up to 10 per cent. of the
Shares in issue closed at 1.00 p.m. on 27 September 2016.
A total of 38,152,248 Shares, being 94.4 per cent. of the
Company's Shares in issue (excluding treasury shares) as at 20
September 2016, were validly tendered under the Tender Offer. As a
result, the Tender Offer was oversubscribed. The Basic Entitlement
of all Shareholders who have validly tendered their Shares will be
accepted in full and excess tenders will be satisfied to the extent
of approximately 0.34 per cent. of the excess Shares tendered.
Registered Shareholders who hold for multiple beneficial owners
(for example, the Depository, or where Shares are held in Euroclear
or Clearstream) may decide the allocation between such beneficial
owners in their own discretion.
A total of 4,042,602 Shares will be repurchased by the Company
under the Tender Offer and cancelled and it is expected that
payments will be made in respect of successfully tendered Shares on
30 September 2016.
Following the implementation of the Tender Offer the Company
will have 46,635,770 Shares in issue (including 10,252,277 Shares
which are held in treasury and for which the exercise of voting
rights is suspended).
The Company has been advised that under the Luxembourg Law of 11
January 2008 on transparency requirements in relation to
information about issuers whose securities are admitted to trading
on a regulated market, as amended (the "Transparency Law"), Shares
held in treasury are required to be included in the denominator to
be used by Shareholders in their shareholding announcements.
Accordingly, the above figure (46,635,770) may be used by
Shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interests in, the Company in accordance with the
Transparency Law.
Tender Price
The Company today also announces that the unaudited Net Asset
Value as at close of business on 26 September 2016, being the
Calculation Date for the purposes of the Tender Offer, was 331.3
pence per Share. Accordingly the Tender Price, calculated in
accordance with the Circular sent to Shareholders on 26 August
2016, is 322.1776 pence per Share.
Terms used and not defined in this announcement bear the meaning
given to them in the Circular published by the Company dated 26
August 2016.
Enquiries:
Stockdale Securities Limited
Alastair Moreton
Rose Ramsden
020 7601 6118
This information is provided by RNS
The company news service from the London Stock Exchange
END
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