13th Jul 2016 15:19
LONDON (Alliance News) - Duet Real Estate Finance Ltd Wednesday said it has generated GBP5.7 million worth of proceeds after receiving the full repayment and interest from the Master Fund's UK Prime Office loan.
The proceeds equate to 7.93 pence per share and Duet Real Estate said it plans to distribute the proceeds to shareholders.
"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 along with amounts to be withheld for working capital, as a return of capital," said the firm.
"This will be done by an issue of redeemable B shares, followed by their redemption, pro rata to existing shareholders at the time of the relevant issue. The company will announce further details concerning the return of capital over the next few working days," said Duet Real Estate.
Duet shares were up 1.9% to 13.38 pence per share on Wednesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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