Terra Catalyst Fund Third Distribution to Shareholders (0191Q)
09 Oktober 2013 - 8:00AM
UK Regulatory
TIDMTCF
RNS Number : 0191Q
Terra Catalyst Fund
09 October 2013
For immediate release on 9 October 2013
TERRA CATALYST FUND
Third distribution to Shareholders
The Board stated in the circular to Shareholders dated 7
December 2012 that: (i) the Company would, in accordance with its
investing policy, seek the realisation of its portfolio of
investments in the ordinary course of business and, subject to
retaining sufficient cash to meet operating costs and liabilities,
to return the net proceeds of all such realisations to Shareholders
on a periodic basis; and (ii) that the Board intended to make
further compulsory redemptions of ordinary shares of 0.01 pence
each in the Company ("Ordinary Shares") at a price to be determined
by the Board in due course.
On 31 December 2012 the Company made an initial distribution to
Shareholders by way of a compulsory redemption of 60 per cent. of
each Shareholder's holding of Ordinary Shares, rounded down to the
nearest whole number of Ordinary Shares, at 50 pence per Ordinary
Share.
On 22 July 2013 the Board made a second distribution to
Shareholders of GBP4,000,000 by way of a compulsory redemption of
27.43 per cent. of each Shareholder's holding of Ordinary Shares,
rounded down to the nearest whole number of Ordinary Shares, at
47.78 pence per Ordinary Share.
The Board now confirms that it intends to make a further
distribution to Shareholders of GBP2,250,000 by way of a compulsory
redemption of 20.52 per cent. of each Shareholder's holding of
Ordinary Shares as at 5.00p.m. on 11 October 2013 (the "Record
Date") rounded down to the nearest whole number of Ordinary Shares,
at 49.5 pence per Ordinary Share. The compulsory redemption will
take place immediately following the Record Date.
Portfolio Update
As at 30 September 2013, the Net Asset Value of the Company was
GBP19,135,767 (representing 86.39 pence per Ordinary Share) and the
Company's key holdings were as follows:
Holding GBP(million) % of the Company's
portfolio
Spazio Investment NV
Ord shs 12.65 66.12
Tamar European Industrial 3.38 17.67
Other 0.03 0.17
Total Investments 16.06 83.96
Cash and other net 3.07 16.04
assets
Net Asset Value 19.13 100
Certificated and Non Certificated Holdings
Cash consideration from the compulsory repurchase will be
settled (i) in relation to Ordinary Shares in certificated form,
through the despatch to Shareholders of cheques drawn on a branch
of a UK clearing bank by first class post by 18 October 2013; and
(ii) in relation to Ordinary Shares in uncertificated form (i.e. in
CREST), by means of a CREST payment on 18 October 2013 in favour of
the Shareholder's payment bank, in accordance with the CREST
payment arrangements.
Following the Record Date, existing Ordinary Share certificates
will no longer be valid and Shareholders will be sent a new
Ordinary Share certificate for their holding following the
repurchase within 14 days. Shareholders with holdings in
uncertificated form (i.e. in CREST) should expect to have their
CREST account adjusted to reflect their new holding following the
repurchase on 14 October 2013. Existing holdings held in a stock
account in CREST will be disabled as at 5.00 p.m. on 11 October
2013 and all existing Ordinary Shares will be removed from CREST in
due course.
Dealings
Following the compulsory repurchase, it is expected that
dealings will commence in the remaining Ordinary Shares under ISIN
KYG8761F1357 at 8:00 a.m. on 14 October 2013.
For further information please contact:
Terra Catalyst Fund
Mike Haxby, Director
www.terracatalystfund.com
Tel: +44 (0)1624 690 900
Smith & Williamson Corporate Finance Limited
Azhic Basirov / Siobhan Sergeant
Tel: +44 (0)20 7131 4000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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