Sale of Treasury Shares & Ad Hoc Share Conversion

RNS Number : 1955S

CVC Credit Partners European OpsLtd

21 June 2018

 

21 June 2018

CVC Credit Partners European Opportunities Limited

Sale of Treasury Shares and Ad Hoc Share Conversion

Sale of Treasury Shares

At the 2016 AGM of CVC Credit Partners European Opportunities Limited (the "Company"), Shareholders authorised the Company to sell and repurchase its shares to another party for the purposes of facilitating the conversion of the Treasury Shares from one currency denomination to another ("Treasury Share Conversion").

Accordingly the Company announces the sale of 41,564,426 ordinary Euro shares out of Treasury (the "Sale") to Conversion SPV Limited to complete on 22 June 2018.

Following completion of the Sale, the Company's issued share capital (excluding treasury shares) consists of:

162,922,004 ordinary Euro shares of no par value

300,937,217 ordinary Sterling shares of no par value

Each ordinary Euro share carries the right to 1 vote and each ordinary Sterling share carries the right to 1.17 votes.

The total number of voting rights of the ordinary Euro shares of no par value is 162,922,004 and of the ordinary Sterling shares of no par value is 352,096,543. The total number of voting rights in the Company will be 515,018,547. The Company holds the following ordinary shares in treasury:

10,000,000 ordinary Euro shares of no par value (non-voting)

21,449,133 ordinary Sterling shares of no par value (non-voting)

Ad hoc Share Conversion

To facilitate the Treasury Share Conversion, the Company will implement an ad hoc Share Conversion today, based on the Company's month-end net asset value figure for 31 May 2018.

The conversion ratio applicable to a conversion of Euro Shares to Sterling Shares, calculated in accordance with the Company's articles of association, is 0.853551 Sterling Shares per Euro Share.

Accordingly, an application has been made for the admission of 35,477,357 Sterling Shares to the Official List of the UK Listing Authority (the "Official List") and the main market for listed securities of the London Stock Exchange plc (the "Main Market"). It is expected that such application will become effective and that dealings in the new Sterling Shares will commence on 28 June 2018.

Repurchase of Shares

Once the ad hoc Share Conversion has completed, the Company will repurchase the Sterling Shares from Conversion SPV Limited. These shares will be held in treasury.

A further announcement regarding the completion of the ad hoc Share Conversion and the Treasury Share Conversion, along with the revised number of total voting rights will made in due course.

Enquiries:

BNP Paribas Securities Services S.C.A. Jersey Branch

[phone]/813873

 

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