Result of Tender Offer

RNS Number : 0506B

Queen's Walk Investment Limited

11 August 2008

 



THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN

Queen's Walk Investment Limited

Result of Tender Offer

On 18 July 2008, Queen's Walk Investment Limited (the 'Company') sent a circular to Eligible Shareholders (the 'Tender Offer Circular') detailing its proposed tender offer to purchase up to 3,000,000 ordinary shares in the Company ('Ordinary Shares') and thereby to return a maximum of €15 million in cash to shareholders (the 'Tender Offer'). Definitions used in the Tender Offer Circular also apply in this announcement.

The Tender Offer closed at 3:00 p.m. on 8 August 2008 and the Company today announces that in accordance with the terms of the Tender Offer contained in the Tender Offer Circular, tenders for 2,999,981 Ordinary Shares have been conditionally accepted by the Company. The total consideration conditionally payable under the Tender Offer is €14,999,905. 

Of the 2,999,981 Ordinary Shares that have been conditionally accepted by the Company 2,552,269 constitute the aggregate Basic Entitlements of Shareholders who validly tendered Ordinary Shares. The balance of 447,712 Ordinary Shares will be allocated pro rata using a percentage of approximately 2.16% to tenders in excess of Basic Entitlements. 

The Tender Offer is conditional on the approval of shareholders at the extraordinary general meeting of the Company to be held at 4:00 p.m. on 12 August 2008 (the 'EGM'). A further announcement will be made after the EGM.

For further information please contact:

Investor Relations:

Caroline Villiers [phone]

About Queen's Walk

Queen's Walk Investment Limited is a Guernsey-incorporated investment company listed on the London Stock Exchange. The Company's investment objective is to preserve capital and to provide stable returns to shareholders in the form of quarterly dividends. To achieve this, Queen's Walk invests primarily in a diversified portfolio of subordinated tranches of asset backed securities, including the unrated 'equity' or 'first loss' residual income position typically retained by the banks or other financial institutions which have originated the loan assets that collateralise a securitisation transaction. The Company makes such investments where its investment manager, Cheyne Capital Management Limited, considers the coupon or cash flows from the investment to be attractive relative to the credit exposure of the underlying asset collateral. 

 

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