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DW Catalyst Fund Ltd (DWCG)

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Friday 17 August, 2018

DW Catalyst Fund Ltd

Audit Hold-back


Audit Hold-back

On 9 March 2017 the shareholders of the Company passed a Discount Trigger Resolution which obliged the Company to redeem all shareholders of the Company that voted in favour of the Discount Trigger Resolution (the “Redeeming Shareholders”). At an extraordinary general meeting of the Company held on 2 August 2017, the shareholders of the Company at that date (the “Continuing Shareholders”) passed resolutions to wind-up the Company and appointed Linda Johnson and Ashley Paxton of KPMG Channel Islands Limited as joint liquidators (the “Liquidators”).

To date the Liquidators have, pursuant to the Discount Trigger Circular dated 17 February 2017 and the Liquidation Circular dated 12 July 2017 (the “Circulars”), made four interim liquidation payments to Redeeming Shareholders and three interim liquidation payments to Continuing Shareholders. A fourth interim liquidation payment to Continuing Shareholders is expected to be made in mid-September 2018 and a further announcement will follow in relation to that payment following receipt of the Company’s final redemption of its holding in DW Catalyst Offshore Fund Limited (the “Feeder Fund”).

As outlined in the Circulars, the Feeder Fund has held back an amount equal to 5% of the aggregate of the redemption proceeds received by the Company in 2018 (the “Hold-back Amount”). The Feeder Fund is expected to pay an amount not exceeding the Hold-back amount to the Company in March 2019, following the publication of the Feeder Fund’s audited accounts for the year ended 31 December 2018. It is expected that the Company will distribute the amount it receives from the Feeder Fund in relation to the Hold-back Amount as a final distribution, apportioned accordingly between the relevant number of Continuing Shareholders and Redeeming Shareholders.

A further announcement in relation to the amount likely to be received by the Company in relation to the Hold-back Amount, and its subsequent distribution, will be made once in receipt by the Company.


The Liquidators
Linda Johnson and Ashley Paxton
Glategny Court
Glategny Esplanade
St Peter Port
Tel:  01481 721 000
[email protected]

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