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DW Catalyst Fund Ltd (DWCG)

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Thursday 09 March, 2017

DW Catalyst Fund Ltd

Result of Discount Trigger Meeting

DW Catalyst Fund Limited (the "Company")

(a closed-ended collective investment scheme established as a company with  limited liability under the laws of Guernsey with registered number 52520)

Results of Discount Trigger Meeting
 

9 March 2017

The Company today announces the results of the Discount Trigger Meeting held at 10.30 am today, at which the Discount Trigger Resolution contained in the circular to shareholders dated 17 February 2017 (the “Circular”) was passed on a poll. Accordingly, the Company will redeem all shares which were voted in favour of the Discount Trigger Resolution in accordance with the expected timetable set out below.

The votes cast in respect of the Discount Trigger Resolution (which was passed as an ordinary resolution) were as follows:

Votes for:                            5,389,739 (91.73% of shares voted)

Votes against:                   486,219 (8.27% of shares voted)

Votes withheld:                               0 (0% of shares voted)

A vote "withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes for and against a resolution.

All Redeeming Shares will be redeemed by the Company on 1 August 2017. The Redeeming Shares represent approximately 57.6% of the 9,349,317 shares currently in issue (excluding shares held in treasury). 

Redeeming Shareholders will receive the Redeeming Share Redemption Proceeds in four quarterly instalments following each of 1 August and 1 November 2017 and 1 February and 1 May 2018, subject to the retention of a Hold-back Amount in certain circumstances, as more fully described in the Circular.

The amount of each instalment of the Redeeming Share Redemption Proceeds will be calculated by reference to the prevailing Net Asset Value per Share on each such Quarterly Redemption Date, less (to the extent that it is not already reflected in such Net Asset Value) a portion of the costs and expenses incurred by the Company in relation to, or arising from, the convening of the Discount Trigger Meeting or implementing other measures connected with the Discount Trigger Meeting, and the portion of IPO Offer Costs attributable to the Redeeming Shares, as more fully described in the Circular.

Following the results of the Discount Trigger Meeting the Board in conjunction with the Manager will review the structure of the Company and consider the extent to which the Company’s ongoing cost and expenses may be reduced. 

A further announcement will be made in due course.

Expected Timetable

The expected timetable for the return of proceeds to Redeeming Shareholders, is set out below:

Redemption Date for Redeeming Shares and calculation date for first instalment of Redeeming Share Redemption Proceeds 1 August 2017
Expected date for payment of first instalment of Redeeming Share Redemption Proceeds Mid-September 2017
Calculation date for second instalment of Redeeming Share Redemption Proceeds 1 November 2017
Expected date for payment of second instalment of Redeeming Share Redemption Proceeds Mid-December 2017
Calculation date for third instalment of Redeeming Share Redemption Proceeds 1 February 2018
Expected date for payment of third instalment of Redeeming Share Redemption Proceeds Mid-March 2018
Calculation date for fourth instalment of Redeeming Share Redemption Proceeds 1 May 2018
Expected date for payment of fourth instalment of Redeeming Share Redemption Proceeds, adjusted, if necessary, to take into account the Hold-back Amount (if any) Mid-June 2018
Approximate date for payment of relevant portion of the Hold-back Amount (if any) to Redeeming Shareholders After March 2019

Terms used and not defined in this announcement shall have the meanings given to them in the Circular.

Enquiries:

Company website:      www.dwcatalystltd.com

Northern Trust International Fund Administration Services (Guernsey) Limited
Rebecca Booth
Tel:         +44 (0) 1481 745189
[email protected]

DW Partners, LP
Laura Rose
Tel:         +1 212 751 5872
[email protected]
 


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