Carador Income Fund PLC Redemption Arrangements (7803D)
May 02 2017 - 1:01AM
UK Regulatory
TIDMCIFU
RNS Number : 7803D
Carador Income Fund PLC
02 May 2017
RNS Announcement
Carador Income Fund plc (the "Company")
2 May 2017
Redemption Arrangements
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR
INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES,
AUSTRALIA, CANADA OR JAPAN.
As announced on 30 November 2016, the Company's Articles of
Association (the "Articles") contain certain provisions regarding
redemption arrangements which may, in certain circumstances
(including a discount trigger), be offered to shareholders in
2017.
In light of the price at which the Company's shares currently
trade relative to the Company's net asset value ("NAV"), the
Directors believe that it is unlikely that the discount trigger
realisation mechanism set out in the Articles will be met.
However, the Directors intend to use the discretion provided to
them in the Articles to put forward to shareholders proposals to
approve a redemption opportunity for up to 100 per cent. of the
shares in issue (the "Redemption Proposals") for any shareholders
who may wish to exit their holding in the Company (in whole or in
part).
Details of the Redemption Proposals will be published and sent
to shareholders in due course. The Redemption Proposals, which are
subject to receipt of any necessary regulatory clearances and there
being no significant change in market conditions, will be tabled
for consideration at the Company's annual general meeting which is
expected to be held in late July 2017.
Redemption Mechanics
If the Redemption Proposals are approved by shareholders, in
accordance with the Articles, the Directors will allocate to a
repurchase pool (the "Repurchase Pool") assets of the Company with
an aggregate value (as at the NAV calculation date immediately
preceding the establishment of the Repurchase Pool) equal to the
NAV (as at the same date) attributable to the shares to be
redeemed, less any appropriate redemption costs. As the general
pool of assets held in the Company's portfolio is likely to consist
of cash as well as non-cash assets, the assets allocated to the
Repurchase Pool would include a cash element as well as a share of
the non-cash assets held. It is expected that non-cash assets would
be realised in an orderly manner over a period of time and
redemptions or repurchases of the relevant shares made as
appropriate.
Enquiries:
Ciara Timon
State Street Fund Services (Ireland) Limited
Company Secretary
Tel: +353 1 776 6229
This information is provided by RNS
The company news service from the London Stock Exchange
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