C Share Conversion Ratio

RNS Number : 7860M

Fair Oaks Income Fund Limited

22 January 2016

 

Fair Oaks Income Fund Limited

22 January 2016

FAIR OAKS INCOME FUND LIMITED (the "Company")

(Incorporated in Guernsey under The Companies (Guernsey) Law, 2008, as amended, with registered number 58123 and registered as a Registered Closed-ended Collective Investment Scheme with the Guernsey Financial Services Commission)

C SHARE CONVERSION RATIO

Further to the announcement made on 17 December 2015 the Company is pleased to announce the Conversion Ratio for the C Shares.

The net asset values attributable to the Ordinary Shares and the C Shares as at the Calculation Time, being the close of business on 14 January 2016, were  USD 0.8578 per Ordinary Share and USD 0.9102 per C Share respectively.

The Conversion Ratio, as calculated in accordance with the Company's prospectus dated 3 August 2015 (the "Prospectus"), is 1.0611 Ordinary Shares for every one C Share held as at close on the conversion record date of 26 January 2016. Entitlements to new Ordinary Shares will be rounded down to the nearest whole share. Any fractional entitlements will be aggregated and sold in the market for the benefit of the Company.

The new Ordinary Shares arising on Conversion will rank pari passu with, and will have the same rights as, the Ordinary Shares already in issue, including all dividends declared in respect of the Ordinary Shares after the Calculation Time.

Application has been made to the London Stock Exchange for 108,019,980 new Ordinary Shares to be admitted to to trading on the Specialist Fund Market. It is expected that dealings in the new Ordinary Shares will commence with effect from 8.00am on 27 January 2016.

Application has also been made to the London Stock Exchange for the C Shares to be cancelled from trading on the Specialist Fund Market with effect from 8.00 a.m. on 27 January 2016.

Following the Conversion, the Company's issued ordinary share capital will consist of 320,446,883 Ordinary Shares. The Company holds no shares in treasury. Accordingly, following the Conversion the total number of voting rights in the Company is 320,446,883.

The above figure relating to the total number of voting rights in the Company may be used by shareholders in the Company as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

The expected timetable for the Conversion is as follows:

·    Record Date for the Conversion and C Share register closes	6 p.m. on 26 January 2016
·    Conversion Time, dealings in new Ordinary Shares commence and CREST accounts credited with new Ordinary Shares	8 a.m. on 27 January 2016

Enquiries:

Fair Oaks Income Fund Limited

Email: [e-mail]

Web: www.fairoaksincomefund.com

Fair Oaks Capital Limited

Roger Coyle

DDI: [phone]

Email: [e-mail]

Praxis Fund Services Limited

Ben Le Prevost

DDI: [phone]

Email: [e-mail]

Camarco

Edward Gascoigne-Pees

Hazel Stevenson

DDI: [phone]

Email:  [e-mail] / [e-mail]

Numis Securities Limited

Nathan Brown

DDI: [phone]

Email: [e-mail] 

Fair Oaks Income Fund Limited

Fair Oaks Income Fund Limited is an authorised closed-ended investment company incorporated in Guernsey. The Company was admitted to trading on the Specialist Fund Market of the London Stock Exchange on 12 June 2014. The Company's ordinary shares have the TIDM: FAIR and ISIN: GG00BMBN1D14 and the C shares have the TIDM: FAIC and ISIN: GG00BYM6LJ91.

The investment policy of the Company is to seek exposure to US and European CLOs or other vehicles and structures which provide exposure to portfolios consisting primarily of US and European floating-rate senior secured loans and which may include non-recourse financing. The Company will implement its investment policy by investing in FOIF LP (the "Master Fund").

Notes

This document is for information purposes only and is not an offer to invest. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

 

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