Conversion between classes (1087I)
08 Juni 2011 - 5:35PM
UK Regulatory
TIDMGSDO TIDMGSDE TIDMGSDU
RNS Number : 1087I
Goldman Sachs Dynamic Opportunities
08 June 2011
Goldman Sachs Dynamic Opportunities Limited ("the Company")
Conversion Notice
The Company's Articles of Association incorporate provisions
enabling Shareholders of any one class of Ordinary Shares to
convert all or part of their holding into Ordinary Shares of any
other class as at the NAV Calculation Date referable to the months
of March, June, September and December in each year (each a
"Conversion Calculation Date").
Such conversion will be on the basis of the ratio of the NAV of
the class of Ordinary Shares to be converted from (less the costs
of effecting such conversion), to the NAV of the class of Ordinary
Shares to be converted to (each as at the relevant NAV Calculation
Date) and otherwise as set out in the Articles.
Shareholders may convert Ordinary Shares of any class into
Ordinary Shares of any other class by giving not less than 5
business days notice to the Company in advance of the relevant
Conversion Calculation Date. Such notice once given shall be
irrevocable without the consent of the Directors.
In the case of Ordinary Shares held in uncertificated form, the
relevant USE instruction(s) must be submitted to Capita Registrars
at least 5 business days before the relevant Conversion Calculation
Date using the CREST information provided below:
CREST PARTICIPANT ID - RA10
MEMBER ACCOUNT CODE:
STERLING TO EURO - GBP2EUR
STERLING TO US DOLLAR - GBP2USD
EURO TO STERLING - EUR2GBP
EURO TO US DOLLAR - EUR2USD
US DOLLAR TO STERLING - USD2GBP
US DOLLAR TO EURO - USD2EUR
In the case of Ordinary Shares held in certificated form, a
Conversion Notice must be requested from the Company's Registrars
at the following address:
Capita Registrars (Corporate Actions)
P.O. Box 166
34 Beckenham Road
Beckenham
Kent BR3 4TH
Telephone:
From UK: 0870 162 3100
From Overseas: +44 208 639 3399
To be valid the Conversion Notice and the appropriate Share
certificate must be received at the above address at least 5
business days before the relevant Conversion Calculation Date.
In addition Shareholders should note, however, that fractions of
Ordinary Shares arising on conversions will be rounded down and
that the costs of conversion may be disproportionate to the value
of the Ordinary Shares converted. Hence the aggregate Net Asset
Value of those Ordinary Shares held after conversion may be less
than before such conversion. Shareholders should also note that if
they elect to convert Ordinary Shares they will be unable to deal
in those Ordinary Shares in the period between giving notice of
conversion and the actual date of conversion. Such notice once
given shall be irrevocable without the consent of the
Directors.
As set out in the Company's circular dated 27 May 2011, once a
notice to convert Shares has been given, that Shareholder will not
be able to trade in or otherwise deal with those Shares (whether in
certificated or uncertificated form) and will be unable to accept a
Redemption Proposal (or further Redemption Proposal) which is then
open for acceptance in respect of those existing Shares, nor will
he be able to accept such proposal in respect of new Shares arising
on conversion unless he is registered as a holder of those new
Shares as at any record date set for the purposes of eligibility to
participate in that Redemption Proposal. Accordingly, a Shareholder
who elects to convert existing Shares into EUR Shares or US$ Shares
by reference to the 30 June 2011 NAV Calculation Date will be
unable to accept a Redemption Proposal for those existing Shares
(if they are EUR Shares or US$ Shares).
Furthermore the Directors have considerable discretion in
relation to the conversion mechanism. In the event that either or
both of the EUR Share or US$ Share classes are (or may be) delisted
or the number of Shares remaining in issue is small and hence the
class may be particularly illiquid (and assuming that the
compulsory redemption provisions are not exercised), the Board's
current intention is that it would suspend conversions into (but
not from) such share class(es) in the future.
This notice is for information only. Any Shareholder who is in
any doubt whether or not to convert is recommended to contact an
independent financial adviser.
Expected timetable
Latest date for submission of relevant 23 June 2011
USE instruction(s) or receipt of Conversion
Notice and Share certificate (as appropriate)
Conversion Calculation Date 30 June 2011
Conversion Date By 18 August 2011
Enquiries:
Robin Amer Tel: +44 (0)1481 744
RBC Offshore Fund Managers Limited 000
This information is provided by RNS
The company news service from the London Stock Exchange
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