Goldman Sachs Dynamic Opportunities Redemption Announcement (2497S)
28 Novembre 2012 - 5:01PM
UK Regulatory
TIDMGSDO TIDMTTM
RNS Number : 2497S
Goldman Sachs Dynamic Opportunities
28 November 2012
28 November 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 and the first distribution
payment made in June 2012, the Company has resolved to make a
second distribution to shareholders of approximately US$72 million
(the "Second Distribution"), from the Continuing Portfolio only, by
way of a compulsory redemption of shares at a Redemption Price of
US$1.6699 per GBP Share and US$2.0232 per US$ Share (the Company's
NAV per GBP Share and US$ Share respectively as at 30 September
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 Second Distribution will be effected (i) between the GBP
Shares and US$ Shares pro rata to their respective aggregate NAVs
as at 30 September 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 30 November 2012 (the "Redemption Record Date").
Approximately 71 per cent. of the Company's issued GBP Shares and
71 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 5 December
2012).
The amount to be applied to the redemption of Shares comprises
the monies from the realisation of the Company's investments
received from 1 May 2012 up to and including 31 October 2012, less
the costs and expenses of the Second Distribution and cash being
retained for the Company's working capital requirements. The costs
and expenses of the Second Distribution are estimated not to exceed
US$15,000.
In the case of GBP Shares held in uncertificated form (that is,
in CREST), redemptions will take effect automatically on the
Redemption Record Date and redeemed Shares will be cancelled. All
GBP Shares in issue will be disabled in CREST on the Redemption
Record Date and the existing ISIN applicable to the GBP Shares
("Old ISIN") (which, for the second redemption, in respect of the
GBP Shares is GB00B8K9XJ24) will expire. A new ISIN ("New ISIN") in
respect of the remaining GBP Shares in issue and which have not
been redeemed will be enabled and available for transactions from
and including the first Business Day following the Redemption
Record Date. This New ISIN is GB00B8L0V788. Up to and including the
Redemption Record Date, GBP Shares will be traded under the Old
ISIN and as such, a purchaser of such Shares may have a market
claim for a proportion of the redemption proceeds following the
activation of the New ISIN. CREST will automatically transform any
open transactions as at the Redemption Record Date (which is the
record date for the purposes of the redemption) into the New
ISIN.
In the case of the GBP Shares held in certificated form (that
is, not in CREST) and all US$ 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 10 December 2012).
Shareholders will be paid their redemption proceeds in the currency
of the applicable Shares.
The Second Distribution is equivalent to approximately 35 per
cent. of the NAV attributable to the GBP Shares and US$ Shares as
at 31 March 2012 and cumulative payments now made are equal to
approximately 85 per cent. of the NAV of the GBP Shares and US$
Shares at 31 March 2012.
Following the Second Distribution the aggregate NAV of the
Continuing Portfolio (using estimated NAVs at 20 November 2012)
will be approximately $29.2 million. The Continuing Portfolio will
comprise 8 investments, of which 6 are Illiquid Investments,
together with a small amount of cash. Accordingly, the Board
expects to write to Shareholders in December 2012 with proposals
for a voluntary winding up of the Company and cancellation of the
listing of the GBP Shares.
Expected Timetable for Second Distribution
Redemption Date 30 November 2012
Redemption Record Date 5.00 p.m. on 30 November
2012
Settlement of Second Distribution by 10 December 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
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