Notice of Compulsory Partial Redemption of Shares
15 Novembre 2010 - 8:00AM
UK Regulatory
TIDMTIC
Registration Number : 42750
TAPESTRY INVESTMENT COMPANY PCC LIMITED (the "Company")
Notice of compulsory partial redemption of Shares
and
an update on proposed liquidation
15 November 2010
Notice of compulsory partial redemption of participating redeemable preference
shares in the Multi-Strategy (GBP) cell of the Company ("Shares")
Further to the approval by the Company's shareholders of the Managed Wind-Down
of the Company (as more particularly described in the circular that was sent to
Shareholders on 21 August 2009 (the "Circular")) at the Extraordinary General
Meeting and Class Meeting held on 11 September 2009 and in accordance with the
Company's Articles of Incorporation, the Company today announces that it will
return GBP9,247,146 (equivalent to approximately 46.65p per Share) to holders of
Shares on 30 November 2010 (the "Redemption Date") by way of a compulsory
partial redemption of Shares (the "Redemption"). The Redemption will be
effected pro rata to holdings of Shares on the register at the close of business
on the Redemption Date. Based on the final Net Asset Value per Share on 30
September 2010 (being the Net Asset Value Date), and having deducted the
anticipated costs incurred in connection with the Redemption, 43 per cent. of
the Company's issued share capital will be redeemed on the Redemption Date (that
is 43 Shares for every 100 held (the "Redemption Ratio")). Fractions produced
by the Redemption Ration will not be redeemed and such Shares shall continue.
The price at which each Share will be redeemed will be 108.4834p.
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 8 November 2010 pursuant to the Managed Wind-Down, less any funds used
or required to settle any liabilities (including the estimated ongoing day to
day running costs of the Company).
Following the Redemption, a total of 87.4p per Share will have been returned to
Shareholders (calculated with reference to the Company's issued share capital of
83,576,840 as at the date of approval of the Managed Wind-Down).
Shares
As at today's date, the Company has 19,823,301 Shares in issue of which none are
held in Treasury. All of the Shares redeemed on the Redemption Date will be
cancelled.
The Shares will be disabled in CREST on the Redemption Date and the existing
ISIN number GG00B3XVTM50 (the "Old ISIN") will expire. The new ISIN number
GG00B5NP8N53 (the "New ISIN") in respect of the remaining Shares which have not
been redeemed will be enabled and available for transactions on 1 December
2010. Up to and including the Redemption Date, Shares will be traded under the
Old ISIN and as such, a purchaser of such Shares would have a market claim for a
proportion of the redemption proceeds. CREST will automatically transform any
open transactions as at the Redemption Date (which is the record date for the
purposes of the Redemption) into the New ISIN.
Copies of the redemption notice which is being sent to shareholders today are
available from the Company's website.
Proposed Liquidation
Further to the announcement made by the Company on 7 October 2010, the Board
expects the Company's Shares will be de-listed and the Company put into
liquidation in February / March 2011 (the "Liquidation"), with a circular being
despatched to shareholders in January in order to convene the necessary general
meeting to implement the Liquidation. It is expected that any liquidator
appointed will seek to maximise the value of cash collected from the Company's
remaining portfolio by continuing the present policy of the Company rather than
seeking to sell the portfolio in the secondary market at a discount to its
carrying value. It is anticipated that upon the liquidation taking effect,
there will be a first distribution in liquidation of approximately GBP2.5m - GBP3m
(subject to changes in underlying manager liquidity expectations and the GBP/USD
exchange rate).
All capitalised terms have the meaning given to them in the Circular unless
otherwise stated.
Contacts for queries:
Tapestry Investment Company PCC Limited
Mel Carvill (Chairman)
01481 727111
Kleinwort Benson (Channel Islands) Fund Services Limited
Company secretary
01481 727111
Collins Stewart Europe Limited
Andrew Zychowski
Lucy Lewis
020 7523 8000
Collins Stewart Europe Limited, which is authorised and regulated by the
Financial Services Authority, is acting for Tapestry Investment Company PCC
Limited (the "Company") and for no one else in connection with the matters
detailed in this announcement and will not be responsible to anyone other than
the Company for providing the protections afforded to clients of Collins Stewart
or for affording advice in relation hereto, or any other matters referred to
herein.
[HUG#1462280]
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Tapestry Investment Company PCC Limited via Thomson Reuters ONE
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