TIDMFAIR TIDMTTM TIDMFA14
RNS Number : 2305S
Fair Oaks Income Limited
22 June 2018
Fair Oaks Income Limited
22 June 2018
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)
RETURN OF CAPITAL TO 2014 SHAREHOLDERS
The Company today announces that it will return $6,500,000
(equivalent to 13.978 cents per share) on 6 July 2018 (the
"Redemption Date") by way of a compulsory partial redemption of
2014 Shares (the "Fourth Redemption").
The Fourth Redemption will be effected at 90.71 cents, being the
NAV per 2014 Share as at 31 May 2018 (less the monthly interim
dividend of 0.7 US cents declared on 5 June 2018). The Redemption
will be effected pro rata to holdings of 2014 Shares on the
register at the close of business on the Redemption Record Date,
being 6 July 2018. As at today's date, the Company has 46,501,283
2014 Shares in issue of which none is held in treasury. On this
basis 15.4097 per cent. of each registered shareholding would be
redeemed on the Redemption Date.
Fractions of shares will not be redeemed and so the number of
shares to be redeemed for each shareholder will be rounded down to
the nearest whole number of shares.
All shares that are redeemed will be cancelled with effect from
the relevant Redemption Date. Accordingly, once redeemed, shares
will be incapable of transfer.
The 2014 Shares will all be disabled in CREST after close of
business on the Redemption Date and the existing ISIN number
GG00BF1Y5666 (the "Old ISIN") will expire.
The new ISIN number GG00BFMF9X35 (the "New ISIN") in respect of
the remaining 2014 Shares which have not been redeemed will be
enabled and available for transactions from and including 9 July
2018.
Up to and including the Redemption Date, 2014 Shares will be
traded under the Old ISIN and as such, a purchaser of such 2014
Shares would have a market claim for a proportion of the redemption
proceeds. CREST will automatically transform any open transactions
as at the Redemption Date into the New ISIN.
The default payment will be US Dollars. However, redemption
payments can also be paid in Sterling providing the relevant
shareholder has registered to receive redemption payments in
Sterling. This can be done by completing the election form being
posted to all shareholders today, which is also available on the
Company's website at http://www.fairoaksincomefund.com. Election
forms must be returned to the Registrar by the redemption record
date on 6 July 2018. An announcement will be made prior to the
redemption monies being paid to confirm the rate per share to be
used to pay shareholders.
Please note that if you have previously advised the Registrar,
Link Asset Services, that you wish to receive your dividends in
sterling, you will need to advise them separately if you also wish
to receive redemption payments in sterling. If, for previous
redemption payments, you instructed the Registrar, Link Asset
Services, that you wished to receive redemption payments in
Sterling then you will not need to repeat this instruction.
However, if you now wish to revoke the sterling election you should
write to the Registrar, Link Asset Services prior to the redemption
record date on 6 July 2018 requesting that the election be removed
and that you wish to receive payment in US Dollars.
CREST shareholders must elect via the election form.
The Board anticipates that the Company will receive future
distributions from the Master Fund such that further share
redemptions may be declared on a quarterly basis. However,
shareholders should note that the Board retains absolute discretion
as to the execution, pricing and timing of any returns of
capital.
Expected timetable for redemption:
Posting of redemption notice 22 June 2018
Record Date, Redemption date and expiry of old ISIN number 6
July 2018
New ISIN number enabled 9 July 2018
Redemption monies paid to uncertificated holdings and 20 July
2018
certificated holdings
LEI: 2138008KETEC1WM5YP90
Enquiries:
Fair Oaks Income Limited
Email: contact@fairoaksincome.com
Web: www.fairoaksincomefund.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 and Advisory
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 FOIF LP (the "Master Fund")
and/or FOMC II LP ("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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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