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Diverse Inc Trust (DIVI)


Thursday 31 March, 2016

Diverse Inc Trust

Voluntary Redemption of Ordinary Shares



The Company operates a voluntary redemption facility through which shareholders can request the redemption of all or part of their holding of redeemable ordinary shares of 0.1p each (“ordinary shares”) for cash on 31 May in each year.

There is no requirement for shareholders to take any action should they wish to retain their ordinary shares. As at close of business on 29 March 2016, the ordinary share price was 92.38p and the net asset value (including current period revenue) was 91.06p per ordinary share, so the ordinary shares were trading at a 1.45% premium.

Shareholders submitting valid requests for the redemption of ordinary shares will have their shares redeemed at the Redemption Price or the Company may arrange for such shares to be sold in the market at the Net Asset Value (including current period revenue) prevailing at the end of May (subject to the Directors’ discretion).

The Directors may elect, at their absolute discretion, to calculate the Redemption Price on either of the following bases:

  1. The Redemption Price shall be equal to the Dealing Value per ordinary share calculated as at the appropriate valuation point on the appropriate redemption point; or

  2. The Directors may elect to calculate the Redemption Price by reference to the amount generated upon the realisation of a Redemption Pool created for the purpose of funding the redemption.

The Directors are minded to approve all redemption requests unless there are exceptional reasons why this would be contrary to the interests of shareholders.

A redemption of ordinary shares may be subject to income tax and/or capital gains tax.  In particular, private shareholders that sell their shares via the redemption mechanism could find they are subject to income tax on the gains made on the redeemed shares rather than the more usual capital gains tax on the sale of their shares in the market.  However, individual circumstances do vary, so shareholders who are in any doubt about the redemption or the action that should be taken should consult their stockbroker, accountant, tax adviser or other independent financial adviser.

Shareholders wishing to request the redemption of all or any of their ordinary shares at the proposed Redemption Point should deliver to the Company’s Registrar a duly completed Redemption Request form together with their share certificate or TTE instruction (in respect of shares held in uncertificated form) in accordance with the timetable set out below. Redemption Request forms are available from the Company’s Registrar, Capita Asset Services on 0371 664 0321 or on email at [email protected]. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. The helpline is open between 9.00 am – 5.30 pm, Monday to Friday, excluding public holidays in England and Wales.  Please note that Capita Asset Services cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes.

None of the Directors of the Company intend to redeem any of their shares under the redemption facility.

The relevant dates for the May 2016 Redemption Point are outlined below:

29 April 2016 Latest date for receipt of Redemption Requests and certificates for certificated shares
3.00 pm on 29 April 2016 Latest date and time for receipt of Redemption Requests and TTE instructions for uncertificated shares via CREST
5.00 pm on 31 May 2016 The Redemption Point
On or before 14 June 2016 Company to notify Redemption Price and dispatch redemption monies; or

If the redemption is to be funded by way of a Redemption Pool, Company to notify the number of shares being redeemed. Notification of Redemption Price and dispatch of redemption monies to take place as soon as practicable thereafter  
On or before 28 June 2016 Balance certificates to be sent to shareholders

Further details of the redemption facility are set out in the Company Articles of Association, and are also available from the Company Secretary.

The Directors of the Company have discretion over the operation of the redemption facility and the calculation of the Redemption Price.

Defined terms in the announcement have the same meaning as set out in the Articles of Association, a copy of which may be obtained from the Company Secretary.

31 March 2016

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