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Absolute Return Tst (ABR)

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Thursday 09 May, 2013

Absolute Return Tst

Capital Return and Remove FX Hedge

RNS Number : 3347E
Absolute Return Trust Limited
09 May 2013
 



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 and Removal of FX Hedging

9 May 2013

 

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 82.09 pence and 59.29 EUR cents per GBP and EUR share respectively on 24 May 2013 (the "Redemption Date") by way of a second compulsory partial redemption of shares (the "Redemption") by reference to the 31 March 2013 NAV Calculation Date.

 

On 21 December 2012, the Company executed an initial compulsory partial redemption of 73.78 per cent. of shares outstanding with reference to the 31 October 2012 NAV. In conjunction with this initial capital return, the effect of the second partial redemption announced today will be that 90.21 per cent. of the Company's NAV as at 31 October 2012 will have been returned since the approval by the Company's shareholders of the winding down proposals at the Company's EGM on 7 September 2012

 

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 17 May 2013 and 61.15 per cent. of the Company's issued share capital will be redeemed on the Redemption Date (that is 61.15 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 April 2013 pursuant to the winding down of the Company, less the cash 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 £5,000, equivalent to approximately 0.1p per share being redeemed.

 

As at today's date, the Company has 40,174,321 GBP shares and 2,467,858 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 Redemption 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 GB00B82PW354 and GB00B7KFV440 (the "Old ISINs") for the Company's shares will expire on the Redemption Date (24 May 2013). The new ISIN numbers GG00B9NMW217 (GBP shares) and GG00B9GQ2X10 (EUR shares) (the "New ISIN") in respect of the Company's shares (post the Redemption) will be enabled from and including 24 May 2013. Up to the Redemption Date (but not including the 24 May 2013), Shares will be traded under the Old ISIN. 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 17 May 2013. Purchases of shares that were unsettled as at the close of business on the Record Date, including trades arranged after the Record Date but before the Redemption Date, will be transformed automatically by CREST and will settle under the New ISINs with an accompanying delivery of cash though CREST in respect of the redemption proceeds.

 

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 24 May 2013.

 

As previously indicated in the Circular, the Board has agreed to remove the currency hedging programme with effect from 8 May 2013. From this date the remaining hedge fund assets will no longer be hedged for movements in the Sterling and Euro exchange rates against the US dollar. Any cash holdings accumulated going forward will be held in US dollars and converted into the appropriate currency prior to distribution through future compulsory share redemptions.

 

 

 

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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