Redemption of shares (9317X)
14 Dicembre 2010 - 2:00PM
UK Regulatory
TIDMBKW TIDMBKWB
RNS Number : 9317X
Brookwell Limited
14 December 2010
Brookwell Limited
Realisation update, marketing of new class fund and notice of
compulsory redemption of Participating Redeemable Preference Shares
("Shares")
Brookwell Limited (the "Company") is pleased to announce that it
has disposed of all the investments in the A Class Fund and, at the
close of business on 10 December 2010, the B Class Fund held two
investments. Accordingly, the Company will redeem all of the
outstanding A Shares at the end of December 2010 as described
below. The Investment Manager expects to complete the realisation
of the remaining investments held by the B Class Fund during the
first quarter of 2011.
The directors and the Investment Manager intend to market a new
class fund in the first quarter of 2011. A further announcement
will be made in due course.
In accordance with the Company's Articles of Incorporation, the
Company has today sent a notice to shareholders that it will return
the final attributable net assets to holders of A Shares, expected
to be approximately GBP0.8m and also a distribution of GBP3.2m to
holders of B Shares on 30 December 2010 ("the redemption
date").
In the case of the A Shares all of the remaining assets will be
returned to holders of A Shares on the register at the close of
business on the redemption date and the redemption price of the A
Shares will be determined by reference to the Net Asset Value per A
Share at the close of business on the day immediately preceding the
redemption date less any costs attributable to the redemption. The
amount to be applied to the redemption of A Shares comprises the
entirety of the cash balances received from disposals of
investments attributed to the A Class Fund since the previous
redemption less funds used or required to settle liabilities
attributable to the A Class Fund (including any purchases of A
Shares in the market). All of the A Shares will be redeemed.
The redemption of the B Shares will be effected pro rata to
holdings of B Shares on the register at the close of business on
the redemption date and the redemption price per share will be
determined by reference to the Net Asset Value per B Share
respectively at the close of business on the day immediately
preceding the redemption date less any costs attributable to the
redemption. The amount to be applied to the partial redemption of B
Shares comprises the entirety of the cash balances received from
disposals of investments attributed to the B Class Fund since the
previous redemption less funds used or required to settle
liabilities attributable to the B Class Fund (including any
purchases of B Shares in the market).
A Shares
The Company issued 25,524,743 A Shares on its flotation, of
which 23,143 852 have been redeemed and cancelled in the previous
pro rata redemptions at an aggregate cost of GBP10,699,976. No A
Shares have been purchased in the market. Therefore as at the date
of this announcement, the Company has 2,380,891 Shares in issue.
All of the A Shares redeemed will be cancelled. As noted above this
redemption will be the final redemption of the A Shares.
The A Shares will be disabled in CREST on the redemption date
and the existing ISIN number GG00B522G992 will expire on this
date.
B Shares
The Company issued 12,960,844 B Shares in a placing during the
first quarter of 2009 of which 9,653,124 have been redeemed and
cancelled in the previous pro rata redemptions at an aggregate cost
of GBP10,699,975. No B Shares have been purchased in the market.
Therefore as at the date of this announcement, the Company has
3,307,720 B Shares in issue. All of the B Shares redeemed will be
cancelled.
The B Shares will be disabled in CREST on the redemption date
and the existing ISIN number GG00B51WC471 will expire on this date,
with a new ISIN number GG00B4KG7S24 available for transactions on
the next business day.
Copies of the notice sent to shareholders are available from the
Company's website www.brookwelllimited.com
For further information please contact:
Brookwell Limited
Hannah Girard Tel: 01481 726 034
Progressive AIM Realisation Limited (Investment manager)
Robert Legget / Ross Courtier Tel: 020 7566 5550
Deloitte Corporate Finance (Nominated adviser)
Jonathan Hinton / James Lewis Tel: 020 7936 3000
Marshall Securities Limited (Broker)
John Webb Tel: 020 7490 3788
14 December 2010
Website: www.brookwelllimited.com
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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