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Absolute Return Tst (ABR)

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Tuesday 04 December, 2012

Absolute Return Tst

1st Capital Return

RNS Number : 7295S
Absolute Return Trust Limited
04 December 2012
 



Absolute Return Trust Limited (the "Company")

(a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 42733)

 

Notice of Compulsory Partial Redemption of Shares

4 December 2012

 

Notice of compulsory partial redemption of shares in Absolute Return Trust Limited (the "Company").

 

Further to the approval by the Company's shareholders of the winding down proposals as described in the circular to shareholders on 15 August 2012 (the "Circular") the Company today announces that it will return 96.63 pence and 70.02 EUR cents per GBP and EUR share respectively on 21 December 2012 (the "Redemption Date") by way of a compulsory partial redemption of shares (the "Redemption") by reference to the 31 October 2012 NAV Calculation Date.

 

The Redemption will be effected pro rata to holdings of shares on the register at the close of business on the Redemption Record Date, being 14 December 2012. 73.78 per cent.  of the Company's issued share capital would be redeemed on the Redemption Date (that is 73.78 Shares for every 100 GBP and EUR shares held respectively (the "Relevant Percentage")). Fractions of Shares will not be redeemed and so the number of shares to be redeemed for each shareholder will be rounded down to the nearest whole number of shares.

 

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 30 November 2012 pursuant to the winding down of the Company, less the cash required to serve as collateral for the Company's FX hedging facility (described below), and less the amount  required to settle any liabilities (including  the estimated ongoing day to day running costs of the Company, and the costs and expenses of this partial redemption).  The costs and expenses of this partial redemption are estimated not to exceed £10,000, equivalent to approximately 0.1p per share being redeemed.

 

As at today's date, the Company has 153,219,683 GBP shares and 9,412,088 EUR shares in issue of which none are held in treasury.  All of the shares redeemed on the Redemption Date will be cancelled. A further announcement will be released following the record date to confirm the new number of shares in issue for each share class.

 

The shares will be disabled in CREST on the Redemption Date and the existing ISINs numbers GB00B05PYY10 and GG00B29YCR78 (the "Old ISINs") will expire. The new ISIN numbers GB00B82PW354 (GBP shares) and GB00B7KFV440 (EUR shares) (the "New ISIN") in respect of the remaining Shares which have not been redeemed will be enabled and available for transactions from and including 21 December 2012. 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.

 

Payments of redemption monies are expected to be effected either through CREST (in the case of shares held in un-certificated form) or by cheque (in the case of shares held in certificated form) by 21 December 2012.

 

As previously indicated in the Circular, the Board intends to maintain the currency hedging programme beyond the initial redemption. The Company has arranged a currency hedging facility which requires the Company to hold cash collateral, and is retaining a cash balance of £8.0 m for this purpose. The intention is to maintain the currency hedge (subject to the Company holding sufficient cash collateral) until the second distribution which is currently expected to be during the second quarter of 2013. After this time, the remaining assets will no longer be hedged for movements in the Sterling and Euro exchange rates against the US dollar.

 

 

All Enquiries: 

 

Andrew Maiden

Northern Trust International Fund Administration Services (Guernsey) Limited

Tel: +44 (0) 1481 745368


This information is provided by RNS
The company news service from the London Stock Exchange
 
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