TCF Theracryf Plc

TIDMTCF

RNS Number : 2075R

Terra Catalyst Fund

09 September 2014

9 September 2014

TERRA CATALYST FUND

("the Company")

Fourth 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 of GBP22,892,001.50 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 GBP4,000,316.00 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.

On 14 October 2013 the Board made a third distribution to Shareholders of GBP2,249,892.32 by way of a compulsory redemption of 20.52 per cent. of each Shareholder's holding of Ordinary Shares, rounded down to the nearest whole number of Ordinary Shares, at 49.5 pence per Ordinary Share.

The Board now confirms that it intends to make a further distribution to Shareholders of GBP2,300,000.00 by way of a compulsory redemption of 11.93 per cent. of each Shareholder's holding of Ordinary Shares as at 5pm on 12 September 2014 (the "Record date") rounded down to the nearest whole number of Ordinary Shares, at 109.5 pence per Ordinary Share. The compulsory redemption will take place immediately following the Record Date.

Including this fourth distribution an amount of approximately GBP31,422,200.00 will have been returned to shareholders.

Portfolio Update

As at 31 August 2014, the Net Asset Value of the Company was GBP35,486,965 (representing 201.5554 pence per Ordinary Share) and the Company's key holdings were as follows:

 
 Holding               GBPmillion   % of Company's portfolio 
 
 Spazio Investments 
  NV                        31.24                     88.03% 
 Other                       0.01                      0.03% 
 
 Total Investments 
 Cash and other net 
  assets                     4.24                     11.94% 
 
 Net Asset Value            35.49                       100% 
 

Certificated and Non Certificated Holdings

Cash consideration from the compulsory repurchase will be settled (i) in relation to Ordinary Shares in certificated form, though the dispatch to Shareholders of cheques drawn down on a branch of a UK clearing bank by first class post on 19 September 2014; and (ii) in relation to Ordinary Share in uncertificated form (i.e. CREST), by means of a CREST payment on 19 September 2014 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 15 September 2014. Existing holdings held in a stock account in CREST will be disabled as at 5.00 p.m. on 12 September 2014 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 KYG8761F1431 at 8 a.m. on 15 September 2014.

-ends-

ENQUIRIES TO:

Terra Catalyst Fund

Mike Haxby, Director

www.terracatalystfund.com

Tel: +44 (0)1624 690 900

Smith & Williamson Corporate Finance Limited

Azhic Basirov

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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