23rd Oct 2014 14:35
LONDON (Alliance News) - Duet Real Estate Finance Ltd Thursday said it will distribute most of the GBP10.1 million proceeds from a deal done by its Master Fund to its shareholders alongside its next quarterly dividend.
In a statement, it said a settlement had finally been reached with the borrower of the Master Fund's French Offices loan, after acceleration proceedings were started in the fourth quarter of 2012. The settlement involves full repayment of all principal and accrued interest, earning returns in-line with the Master Fund's investment criteria.
Duet Real Estate's share of the proceeds realised by the Master Fund is GBP10.1 million, equivalent to 13.59 pence a share.
It will distribute the proceeds, minus distribution costs and expenses as well as amounts held back for working capital and any more share purchases to be made under its buyback programme, alongside its next quarterly dividend by issuing redeemable B shares to its existing shareholders.
"The company will issue further details concerning the return of capital along with a dividend, net asset value and investment update in November 2014," it said.
Duet Real Estate Finance shares were up 4.1% at 60.12 pence Thursday afternoon.
By Steve McGrath; [email protected]; @stevemcgrath1
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