Admission to Specialist Fund Market

RNS Number : 4112J

Fair Oaks Income Fund Limited

12 June 2014

 

12 June 2014

The information contained in this announcement is restricted and is not for publication, release or distribution in any member state of the EU (other than the United Kingdom), the United States of America, Canada, Australia, Japan or the Republic of South Africa.

FAIR OAKS INCOME FUND LIMITED

RESULT OF THE ISSUE AND ADMISSION TO DEALING ON THE LONDON STOCK EXCHANGE'S SPECIALIST FUND MARKET

RESULT OF THE ISSUE

Fair Oaks Income Fund Limited (the "Company") is pleased to announce that the Issue has raised aggregate gross proceeds of $114.5 million and admission of the Shares to trading is expected at 8 a.m. on 12 June 2014.

Conditional on Admission, an aggregate of 114,500,000 Shares has been allotted at the Issue Price of $1.00:

·    34,298,425 Shares as consideration for the acquisition of the Initial Portfolio; and

·    80,201,575 Shares as consideration for the Placing and Offer for Subscription.

In accordance with the AcquisitionAgreement, the Initial Portfolio was revalued as at 3 June 2014. The Acquisition value will be $54,723,772, with the cash element of the consideration representing approximately $20.4 million.

The ISIN is GG00BMBN1D14 and the SEDOL is BMBN1D1. The Shares will trade under the TIDM of FAIR.

Numis Securities acted as sole bookrunner and broker in relation to the Issue.

Miguel Ramos Fuentenebro, co-founder of Fair Oaks Capital, the Investment Advisor to the Company, commented:

"We are delighted to have attracted a good level of interest from institutional investors. This is a reflection of both the attractive yield that the Company will aim to deliver and the experience, independence and alignment of interests of the investment team that we have assembled in the UK and US. We now look forward to creating strong returns for our investors."

ENQUIRIES

For further information, please contact:

Fair Oaks Capital Limited                             Tel: [phone]

Miguel Ramos Fuentenebro

Numis Securities Limited                             Tel: [phone]

Corporate Broking: Nathan Brown                        Email: [e-mail]

Sales: David Luck                                          Email: [e-mail]

Camarco                                                         Tel: [phone]

Ed Gascoigne-Pees                                        Mob: [phone]

IMPORTANT INFORMATION

Capitalised terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Company's prospectus dated 16 May 2014 (the "Prospectus").

Numis Securities Limited ("Numis"), which is authorised and regulated by the Financial Conduct Authority, is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Numis Securities Limited or advice to any other person in relation to the matters contained herein.

The Company intends to have its shares admitted to trading on the Specialist Fund Market of the London Stock Exchange. The Shares are intended for institutional, professional and highly knowledgeable investors, including those who are professionally advised.

The shares of the Company have not been, nor will they be, registered under the US Securities Act of 1933, as amended or with any securities regulatory authority of any state or other jurisdiction of the United States or under the applicable securities laws of Australia, Canada, Japan, the Republic of Ireland or the Republic of South Africa. Further, the Company will not be registered under the US Investment Company Act of 1940, as amended. Subject to certain exceptions, the shares of the Company may not be offered or sold in any member state of the EU other than the United Kingdom, the United States of America, Canada, Australia, Japan, the Republic of Ireland or the Republic of South Africa or to or for the account or benefit of any national, resident or citizen of any member state of the EU other than the United Kingdom, Canada, Australia, Japan, the Republic of Ireland or the Republic of South Africa or any person located in the United States. The Issue and the distribution of this announcement in other jurisdictions may be restricted by law and the persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.

This announcement is an advertisement and not a prospectus. Investors should not purchase or subscribe for any transferable securities referred to in this announcement except on the basis of information in the Prospectus. This announcement does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any shares in the Company or securities in any other entity, in any jurisdiction, including the United States, nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. This announcement does not constitute a recommendation regarding any securities.

 

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