GSDO Goldman D GBP

TIDMGSDO TIDMTTM

RNS Number : 4582E

Goldman Sachs Dynamic Opportunities

30 May 2012

30 May 2012

Goldman Sachs Dynamic Opportunities Limited

Redemption Announcement

Further to the approval by the Company's shareholders of the managed winding down proposals as described in the circular to shareholders dated 18 November 2011, the Company has resolved to make a first distribution of approximately US$102 million (the "First Distribution"), from the continuing portfolio only, by way of a compulsory redemption of shares at a Redemption Price of US$1.6708 per GBP Share and US$2.0243 per US$ Share (the Company's NAV per GBP Share and US$ Share respectively as at 31 March 2012 with the NAV per GBP Share converted into US$ using the GBP:US$ spot exchange rate at close of business on that day).

The First Distribution will be effected (i) between the GBP Shares and US$ Shares pro rata to their respective aggregate NAVs as at 31 March 2012 and (ii) within each class pro rata to holdings of GBP Shares and US$ Shares on the register at the close of business on 31 May 2012 (the "Redemption Record Date"). Approximately 50 per cent. of the Company's issued GBP Shares and 50 per cent. of the Company's issued US$ Shares (the "Relevant Percentage") will be redeemed on that date. Amounts payable to holders of GBP Shares will be converted into sterling using the GBP:US$ spot exchange on a date selected by the Directors for the purpose (expected to be close of business London time on 1 June 2012).

The amount to be applied to the redemption of Shares comprises the monies from the realisation of the Company's investments received up to and including 30 April 2012 pursuant to the managed winding down of the Company, less the costs and expenses of the First Distribution and cash being retained for the Company's working capital requirements. The costs and expenses of the First Distribution are estimated not to exceed US$15,000.

In the case of GBP Shares held in uncertificated form (that is, in CREST), redemptions will take effect automatically on the Redemption Record Date and redeemed Shares will be cancelled. All GBP Shares in issue will be disabled in CREST on the Redemption Record Date and the existing ISIN applicable to the GBP Shares ("Old ISIN") (which, for the first redemption, in respect of the GBP Shares is GB00B1736115) will expire. A new ISIN ("New ISIN") in respect of the remaining GBP Shares in issue and which have not been redeemed will be enabled and available for transactions from and including the first Business Day following the Redemption Record Date. This New ISIN is GB00B8K9XJ24. Up to and including the Redemption Record Date, GBP Shares will be traded under the Old ISIN and as such, a purchaser of such Shares may have a market claim for a proportion of the redemption proceeds following the activation of the New ISIN. CREST will automatically transform any open transactions as at the Redemption Record Date (which is the record date for the purposes of the redemption) into the New ISIN.

In the case of the GBP Shares held in certificated form (that is, not in CREST) and all US$ Shares, redemptions will take effect automatically on the Redemption Record Date. As the Shares will be compulsorily redeemed, certificated Shareholders do not need to return their Share certificates to the Company in order to claim their redemption monies. Shareholders' existing Share certificates will be cancelled and new Share certificates will be issued to each such Shareholder for the balance of their shareholding after the Redemption Record Date. Cheques will automatically be issued to certificated Shareholders upon the cancellation of any of their Shares.

Payments of redemption monies are expected to be effected either though CREST (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) within 14 Business Days of the Redemption Record Date, or as soon as practicable thereafter (expected to be 8 June 2012). Shareholders will be paid their redemption proceeds in the currency of the applicable Shares.

Further distributions and future delisting of GBP Shares

The Company intends to make distributions to Shareholders until the NAV of the Company decreases to an amount such that the Directors consider it appropriate to put the Company into voluntary liquidation. The Board will then consider, in the light of then prevailing market conditions and taking into account Shareholders' views, proposing a resolution for the immediate voluntary liquidation of the Company at that time. At present, based on the current liquidity profile, the Directors believe that the Company is likely to be in a position to put forward a resolution for voluntary liquidation during the second half of 2012. However, this may change depending on the ability of the Company to realise its assets in the interests of all Shareholders.

Furthermore, at some stage during the winding down process the Company will no longer have an adequate spread of investment risk and hence the Company will not be in compliance with the Listing Rules. At that stage trading in the GBP Shares may be suspended and subsequently discontinued. As noted above, such cessation of trading may occur at any earlier stage with the necessary approval of Shareholders.

Expected Timetable

 
 Redemption Date                                     31 May 2012 
 Redemption Record Date                 5.00 p.m. on 31 May 2012 
 Settlement of First Distribution                 by 8 June 2012 
 
 All references to times are to times 
  in London. 
 

Enquiries:

 
 Robin Amer                                Tel: +44 (0)1481 744 000 
  RBC Offshore Fund Managers Limited 
 Niklas Ekholm                             Tel: +44 (0)20 7051 9270 
  Head of International Public Relations 
  Goldman Sachs Asset Management 
 Anisha Patel                              Tel: +44 (0)20 7774 2523 
  Media Relations 
  Goldman Sachs Asset Management 
 Stuart Klein                              Tel: +44 (0)20 7029 8703 
  Jefferies Hoare Govett 
 

Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the Circular dated 18 November 2011.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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