13th Feb 2014 13:53
LONDON (Alliance News) - Duet Real Estate Finance Ltd Thursday said it will return GBP10.0 million to shareholders after its master fund fully realised a further three of its mezzanine loan investments last month, and said it will make announcements in "due course" in connection with further returns of capital from the master fund.
Shareholders already knew they would be in for a capital return but were waiting confirmation of how much of the GBP10.0 million the could expect from Duet. Duet has said it will pay the entire GBP10.0 million to shareholders through the issue of redeemable B share issue at 13.35 pence a share. It said costs of the redemption aren't expected to exceed GBP15,000.
The capital return comes along with a 2.25 pence quarterly dividend for the three months ended December 31. Its net asset value at the end of that period was 93.5 pence.
On January 27, Duet said, "The company intends to distribute its share of the realised proceeds pertaining to capital received from the Master Fund after the deduction of costs and expenses of this distribution, alongside its next quarterly dividend, as a return of capital via an issue of redeemable B shares to existing shareholders and immediate subsequent redemption of those shares pro rata to their holding at the time of the relevant issue."
Duet shares were Thursday quoted at 87.79 pence, up 3.79 pence, or 4.5%.
By Samuel Agini; [email protected]; @samuelagini
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