AcenciA Debt Strategies Limited Result of EGM (6185S)
September 25 2014 - 6:19AM
UK Regulatory
TIDMACD
RNS Number : 6185S
AcenciA Debt Strategies Limited
25 September 2014
ACENCIA DEBT STRATEGIES LIMITED
(The "Company")
(Registered in Guernsey - Number 43787)
Registered Office:
Sarnia House, Le Truchot,
St Peter Port, Guernsey, GY1 4NA
Telephone: +44 1481 737600
Facsimile: +44 1481 749810
For immediate release 25 September 2014
---------------------- ------------------
Results of EGM and Tender Offer
Further to the announcement of 5 September setting out
continuation proposals for the Company, the Board of Directors is
pleased to announce that at the Extraordinary General Meeting held
earlier today, Shareholders voted overwhelmingly in favour of the
implementation of those proposals. The breakdown of votes on the
two Resolutions was as follows:
Votes In Favour (% of Votes Against (% of
votes cast) votes cast)
Resolution 1 (continuation
proposals, amendment
to investment policy
and strategy, share
repurchase authority) 56,794,495 (99.59%) 231,408 (0.41%)
Resolution 2 (Takeover
Code whitewash) 50,311,773 (88.63%) 6,451,481 (11.37%)
58,396,589 Shares, representing 51.20 per cent. of the Company's
issued share capital, were tendered by Qualifying Shareholders for
repurchase pursuant to the Tender Offer. Because this figure is
lower than the Maximum Acceptance Threshold of 78 million Shares,
and as both of the Resolutions were approved by Shareholders, the
Company will continue to operate under its current investment
objective for a further three years to 31 December 2017 in line
with the new Investment Policy and Strategy.
It is expected that the Tender Offer will be implemented early
next year, with the proceeds thereof credited to CREST accounts or
paid by cheque to participating Shareholders on or around the week
commencing 26 January 2015.
On the assumption that the Company neither issues nor
repurchases any Shares prior to the date of the Tender Offer, and
that the Saltus Concert Parties maintain their current level of
shareholdings, the Company's issued share capital immediately
subsequent to the Tender Offer will consist of 55,665,360 Shares,
of which 16,475,000 Shares (representing 29.6 per cent.) will be
held by the Saltus Concert Parties.
Saltus Concert Party Interests:
Saltus Partners LLP 10,113,058
Sandalwood Securities Inc 6,361,942
While the Saltus Concert Parties are presumed by the Panel to be
acting in concert, Saltus Partners LLP and Sandalwood Securities
Inc act independently of each other when voting their shares and do
so in the interests of their underlying clients on whose behalf
such shares are held and to whom they have fiduciary and other
duties.
Jim Le Pelley, Chairman, stated:
"The Board is delighted to have received such unequivocal
support for the continuation proposals, which we believe are in the
best interests of all Shareholders. The fact that a substantial
proportion of the share register wishes to maintain its investment
on an ongoing basis is testament both to the strong portfolio
performance which the Company has enjoyed since Shareholders last
approved continuation in September 2011 and to the very attractive
outlook for multi-strategy credit and event-driven strategies over
the medium term. It is reassuring to see such support for
specialist hedge fund mandates."
Enquiries
Praxis Fund Services
(Company Secretary) +44 1481 737600
Saltus Partners LLP
Jon Macintosh +44 20 7408 7765
Canaccord Genuity Limited
David Yovichic +44 20 7523 8361
Kepler Partners LLP
Hugh van Cutsem +44 20 3384 8796
Defined terms in this announcement shall have the same meaning
as is given to them in the circular to shareholders published by
the Company on 5 September 2014.
Canaccord Genuity Limited, which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting as
financial adviser to AcenciA Debt Strategies Limited and for no one
else in connection with the matters set out in this announcement
and will not be responsible to anyone other than AcenciA Debt
Strategies Limited for providing the protections afforded to
customers of Canaccord Genuity Limited or for providing advice in
relation to these matters.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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