Business
Update-2nd compulsory partial redemption of shares
Update-2nd compulsory partial redemption of shares.
About this update from Cavendish Plc
[{"type":"text","content":"\n \nRNS Number : 8350K FRM Credit Alpha Limited 21 July 2011 \n \n\nFRM Credit Alpha Limited\n(the \"Company\")\n \nUpdate re. 2nd compulsory partial redemption of shares\nFurther to the Company's announcement dated 14 July 2011, the Company wishes to provide further details of its second cash distribution to shareholders. Approximately £8,003,806 will be returned to shareholders by way of a further compulsory partial redemption of shares (the \"Redemption\") at a price based on the Company's final NAV per share as at 30 June 2011. The Company's NAV per share as at 30 June 2011 was 88.9 pence. Payments of Redemption monies will be effected either through CREST (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) by 29 July 2011. Certificated shareholders are reminded that they must send all of their share certificates to the Company's Registrar in order to receive their Redemption monies.\nThe Redemption will be effected pro rata to holdings of shares on the register at the close of business on 22 July 2011 (the \"Redemption Date\"). Based on the Company's NAV per share as at 30 June2011 (being 88.9 pence), 28.916 per cent. of the Company's issued share capital (that is 28.916 shares for every 100 held (the \"Redemption Ratio\")) will be redeemed on the Redemption Date. Fractions of shares produced by the Redemption Ratio 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. The Redemption is equivalent to approximately 25.69 pence per share.\nThe Redemption amount comprises the monies from the realisation of the Company's investments received up to and including 13 July 2011 pursuant to the managed wind-down of the Company, less the costs and expenses of this Redemption and cash being retained for the Company's working capital requirements. The costs and expenses of this Redemption are estimated not to exceed £5,000.\nThe Company currently has 31,135,738 shares in issue. All of the shares redeemed on the Redemption Date will be cancelled.\nThe shares will be disabled in CREST on the Redemption Date and the existing ISIN number GG00B3ZPG020 (the \"Old ISIN\") will expire. The new ISIN number GG00B4K46K11 (the ...