3rd Jun 2019 16:16
LONDON (Alliance News) - RDL Realisation PLC said Monday it has agreed terms for a proposal offer for shareholders of the company's zero dividend preference shares.
Ranger Direct Lending is in the process of winding down and realising its assets but has been unable to come to terms on a suitable price for the redemption of ZDP shares before the end of July 2021.
Now, RDL has set a final price of 121.8887 pence per ZDP share to be paid on June 20.
The entitlement offer will increase daily, starting from 121.7652p on June 4, before finishing at 121.8887p at June 20.
The offer is conditional on ZDP shareholders agreeing to the terms at a meeting, to be held on June 20. The company currently has acceptances from 64.5% of ZDP shareholders for the offer.
The offer is lower than the existing final capital entitlement of 127.63p per ZDP share but is higher than the 115.1433p per ZDP share which would have otherwise have been accrued at June 20.
The new offer date is two years earlier than the existing ZDP repayment date.
Shares in both companies remain suspended. RDL last closed at 374.00p, RDLZ last closed at 117.50p.
Related Shares:
RDL.L