Absolute Return Trust Limited Capital Return and Remove FX Hedge (3347E)
09 Maggio 2013 - 10:23AM
UK Regulatory
TIDMABR
RNS Number : 3347E
Absolute Return Trust Limited
09 May 2013
Absolute Return Trust Limited (the "Company")
(a closed-ended investment company incorporated with limited
liability under the laws of Guernsey with registered number
42733)
Notice of Compulsory Partial Redemption of Shares and Removal of
FX Hedging
9 May 2013
Notice of compulsory partial redemption of shares in Absolute
Return Trust Limited (the "Company").
Further to the approval by the Company's shareholders of the
winding down proposals as described in the circular to shareholders
on 15 August 2012 (the "Circular") the Company today announces that
it will return 82.09 pence and 59.29 EUR cents per GBP and EUR
share respectively on 24 May 2013 (the "Redemption Date") by way of
a second compulsory partial redemption of shares (the "Redemption")
by reference to the 31 March 2013 NAV Calculation Date.
On 21 December 2012, the Company executed an initial compulsory
partial redemption of 73.78 per cent. of shares outstanding with
reference to the 31 October 2012 NAV. In conjunction with this
initial capital return, the effect of the second partial redemption
announced today will be that 90.21 per cent. of the Company's NAV
as at 31 October 2012 will have been returned since the approval by
the Company's shareholders of the winding down proposals at the
Company's EGM on 7 September 2012
The Redemption will be effected pro rata to holdings of shares
on the register at the close of business on the Redemption Record
Date, being 17 May 2013 and 61.15 per cent. of the Company's issued
share capital will be redeemed on the Redemption Date (that is
61.15 Shares for every 100 GBP and EUR shares held respectively
(the "Relevant Percentage")). Fractions of Shares will not be
redeemed and so the number of shares to be redeemed for each
shareholder will be rounded down to the nearest whole number of
shares.
The amount to be applied to the partial redemption of shares
comprises the monies from the realisation of the Company's
investments received up to and including 30 April 2013 pursuant to
the winding down of the Company, less the cash required to settle
any liabilities (including the estimated ongoing day to day running
costs of the Company, and the costs and expenses of this partial
redemption). The costs and expenses of this partial redemption are
estimated not to exceed GBP5,000, equivalent to approximately 0.1p
per share being redeemed.
As at today's date, the Company has 40,174,321 GBP shares and
2,467,858 EUR shares in issue of which none are held in treasury.
All of the shares redeemed on the Redemption Date will be
cancelled. A further announcement will be released following the
Redemption Record Date to confirm the new number of shares in issue
for each share class.
The shares will be disabled in CREST on the Redemption Date and
the existing ISINs numbers GB00B82PW354 and GB00B7KFV440 (the "Old
ISINs") for the Company's shares will expire on the Redemption Date
(24 May 2013). The new ISIN numbers GG00B9NMW217 (GBP shares) and
GG00B9GQ2X10 (EUR shares) (the "New ISIN") in respect of the
Company's shares (post the Redemption) will be enabled from and
including 24 May 2013. Up to the Redemption Date (but not including
the 24 May 2013), Shares will be traded under the Old ISIN. The
Redemption will be effected pro rata to holdings of shares on the
register at the close of business on the Redemption Record Date,
being 17 May 2013. Purchases of shares that were unsettled as at
the close of business on the Record Date, including trades arranged
after the Record Date but before the Redemption Date, will be
transformed automatically by CREST and will settle under the New
ISINs with an accompanying delivery of cash though CREST in respect
of the redemption proceeds.
Payments of redemption monies are expected to be effected either
through CREST (in the case of shares held in un-certificated form)
or by cheque (in the case of shares held in certificated form) by
24 May 2013.
As previously indicated in the Circular, the Board has agreed to
remove the currency hedging programme with effect from 8 May 2013.
From this date the remaining hedge fund assets will no longer be
hedged for movements in the Sterling and Euro exchange rates
against the US dollar. Any cash holdings accumulated going forward
will be held in US dollars and converted into the appropriate
currency prior to distribution through future compulsory share
redemptions.
All Enquiries:
Andrew Maiden
Northern Trust International Fund Administration Services
(Guernsey) Limited
Tel: +44 (0) 1481 745368
This information is provided by RNS
The company news service from the London Stock Exchange
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