Crystal Amber Fund Limited Shareholder returns update (8844V)
12 Aprile 2023 - 8:05AM
UK Regulatory
TIDMCRS
RNS Number : 8844V
Crystal Amber Fund Limited
12 April 2023
12 April 2023
CRYSTAL AMBER FUND LIMITED
("Crystal Amber Fund" or the "Fund")
Shareholder returns update
Within the Fund's interim results for the six months to 31st
December 2022 published last month, it was stated that the Board
remains optimistic that the Fund will return significant disposal
proceeds to shareholders in the second half of 2023, and that this
will be principally determined by the outcome of the current
recommended acquisition of Hurricane Energy plc ("Hurricane").
The Board notes that on 6 April 2023, Hurricane published a
circular in relation to the recommended acquisition of the entire
issued, and to be issued, share capital of Hurricane by Prax (the
"Acquisition") to be effected by means of a Court-sanctioned scheme
of arrangement under Part 26 of the Companies Act 2006 (the
"Scheme") setting out the full terms and conditions of the Scheme
and an expected timetable of events (the "Scheme Document"). In
addition to Court and Hurricane shareholder approval, the Scheme is
also subject to satisfaction (or, where applicable, waiver) of the
other conditions set out in the Scheme Document, including approval
from the North Sea Transition Authority ("NSTA") and approval under
the United Kingdom National Security and Investment Act 2021
("NSIA"), and the approval of the Court. The Scheme is expected to
become effective in Q2 2023.
A meeting of Hurricane shareholders to approve the Scheme has
been set for 4 May 2023. Cash consideration due under the Scheme
and payment of special dividends due pursuant to the Scheme are
scheduled within 14 days of the Scheme becoming effective. The cash
consideration due to the Fund upon the Scheme becoming effective is
GBP34.7 million, equivalent to 41.6p per Crystal Amber share ("the
Initial Consideration"). In addition, the Fund could receive
deferred consideration units with a value up to GBP37.3 million,
equivalent to an additional 44.8p per Crystal Amber share. The
total potential consideration due relating to the sale of the
Fund's shareholding in Hurricane would be GBP72 million, equivalent
to 86.5p per Crystal Amber share.
Upon the Scheme receiving Hurricane shareholder and Court
approval on 4 May 2023, the Fund intents to consult with major
shareholders regarding the treatment of the disposal proceeds. The
Fund intends to announce a substantial return of capital, as soon
as practical, with a view to returning capital immediately after
the receipt of the Initial Consideration. As previously announced,
the Fund intends to retain sufficient liquidity out of the Initial
Consideration to continue to fund growth at GI Dynamics and protect
the value of its holding in De La Rue.
Earlier today Crystal Amber announced that the net asset value
per share on 31 March 2023 was 117.4p. This comprises 49.1p per
share relating the holding in Hurricane and a net 68.3p for the
Fund's other assets and liabilities. On the assumption that the
full consideration relating to Hurricane of 86.5p per Crystal Amber
share had been received on 31 March 2023, the pro forma net asset
value per share on 31 March 2023 would have increased by 37.4p per
share to 154.8p per Crystal Amber share.
A further announcement will be made in due course.
For further enquiries please contact:
Crystal Amber Fund Limited
Chris Waldron (Chairman)
Tel: 01481 742 742
www.crystalamber.com
Allenby Capital Limited - Nominated Adviser
David Worlidge/Jeremy Porter/Dan Dearden-Williams
Tel: 020 3328 5656
Winterflood Investment Trusts - Broker
Joe Winkley/Neil Langford
Tel: 020 3100 0160
Crystal Amber Advisers (UK) LLP - Investment Adviser
Richard Bernstein
Tel: 020 7478 9080
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END
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April 12, 2023 02:05 ET (06:05 GMT)
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