Fair Oaks Income Limited Potential Share Issue (7660R)
September 26 2017 - 1:00AM
UK Regulatory
TIDMFAIR TIDMTTM TIDMFA14
RNS Number : 7660R
Fair Oaks Income Limited
26 September 2017
Fair Oaks Income Limited
26 September 2017
FAIR OAKS INCOME LIMITED (the "Company")
(Incorporated in Guernsey under The Companies (Guernsey) Law,
2008, as amended, with registered number 58123 and registered as a
Registered Closed-ended Collective Investment Scheme with the
Guernsey Financial Services Commission)
POTENTIAL SHARE ISSUE
Fair Oaks Income Limited (the "Company") announces that new 2017
Shares ("New Shares") are being made available under the placing
programme established in the Company's prospectus dated 6 March
2017.
The proceeds of this placing are intended to be used as funding
for a newly originated opportunity to make a primary investment of
between $21m to $35m in a CLO equity security. The potential total
return for this investment as estimated by the general partner of
Master Fund II is between 15% and 17% per annum (see Note 1),
supported by an expected 200+ unique bank loan issuers and
attractive debt funding.
The issue price per New Share is expected to be $1.00, which
represents a premium of approximately 2.0% to the NAV per 2017
Share as at 31 August 2017 (less the monthly interim dividend of
0.7 US cents declared on 25 August 2017 which will not be payable
on the New Shares).
The Issue is available to Qualified Investors, who are invited
to apply for New Shares through the Company's corporate broker,
Numis, on the contact details below. The Issue is expected to close
at 17:00 on 28 September 2017, with admission of the New Shares
scheduled on 2 October 2017.
The closing date and the size of the Issue, and the decision to
allot New Shares to any Qualified Investor, will be determined at
the absolute discretion of the Company and Numis. Application will
be made to the London Stock Exchange for the New Shares to be
admitted to trading on the Specialist Fund Segment of the Main
Market.
Enquiries:
Fair Oaks Income Limited
Email: contact@fairoaksincome.com
Web: www.fairoaksincome.com
Fair Oaks Capital Limited
Investor Relations
DDI: +44 (0) 20 3034 0400
Email: ir@fairoakscap.com
Praxis Fund Services Limited
Ben Le Prevost
DDI: +44 (0) 1481 755524
Email: Ben.LePrevost@praxisifm.com
Numis Securities Limited
Nathan Brown, Corporate Broking
DDI: +44 (0) 20 7260 1426
Email: n.brown@numis.com
Fair Oaks Income Limited
Fair Oaks Income Limited is a registered closed-ended investment
company incorporated in Guernsey. The Company was admitted to
trading on the Specialist Fund Market of the London Stock Exchange
(now the Specialist Fund Segment of the Main Market of the London
Stock Exchange) on 12 June 2014.
The investment policy of the Company is to invest (either
directly and/or indirectly through the Master Fund and/or Master
Fund II) in US and European CLOs or other vehicles and structures
which provide exposure to portfolios consisting primarily of US and
European floating-rate senior secured loans and which may include
non-recourse financing. The Company will implement its investment
policy by remaining invested in the Master Fund and making new
investments in Master Fund II.
Notes
1) The General Partner's estimate of the potential total return
for this investment in calculated across certain scenarios and
subject to certain assumptions. This and any other references
herein to potential future returns or distributions are targets and
not forecasts and there can be no guarantee or assurance that they
will be achieved.
This document is for information purposes only and is not an
offer to invest. All investments are subject to risk. Past
performance is no guarantee of future returns. Prospective
investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment
decisions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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