18th Dec 2007 15:50
Queen's Walk Investment Limited18 December 2007 THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN Queen's Walk Investment Limited (the "Company") Results of Tender Offer The Company sent a circular (the "Tender Offer Circular") to EligibleShareholders detailing its proposed tender offer to purchase up to 24.99% of itsOrdinary Shares and thereby to return a maximum of €15 million in cash toshareholders (the "Tender Offer"). Definitions used in the Tender Offer Circularalso apply in this announcement. The Tender Offer closed at 3:00 p.m. on 17 December 2007 and the Company todayannounces that in accordance with the terms of the Tender Offer contained in theTender Offer Circular dated 4 December, the Strike Price for Ordinary Sharestendered has been set at €5.40 and tenders for 2,777,771 Ordinary Shares havebeen conditionally accepted by the Company. The total considerationconditionally payable under the Tender Offer is €14,999,963.40. As the aggregatevalue of the Ordinary Shares tendered at, on or below the Strike Price exceeds€15 million, in accordance with the terms and conditions contained in the TenderOffer Circular, the tenders have been conditionally accepted in the followingorder of priority: (i) tenders below the Strike Price have been accepted in full; and (ii) all other tenders which are at the Strike Price have been accepted but havebeen scaled back pro rata to ensure that the number of Ordinary Shares that arerepurchased pursuant to the Tender Offer and the aggregate consideration paid toShareholders do not exceed the Maximum Number (as defined in the Tender OfferCircular) and €15 million respectively; and (iii) tenders made at any price above the Strike Price have been rejected. The Company confirms that 1,404,394 ordinary shares of the Company that weretendered at the Strike Price, being approximately 69.81% of the ordinary sharesthat were tendered at such price, have been accepted. The Tender Offer is conditional on the approval of shareholders at theextraordinary general meeting of the Company to be held at 12.30 p.m. on 18January 2008 (the "EGM"). A further announcement will be made after the EGM. For further information please contact: Investor Relations:Caroline Villiers +44 (0) 20 7153 1521 About Queen's Walk Queen's Walk Investment Limited is a Guernsey-incorporated investment companylisted on the London Stock Exchange. The Company's investment objective is topreserve capital and to provide stable returns to shareholders in the form ofquarterly dividends. To achieve this, Queen's Walk invests primarily in adiversified portfolio of subordinated tranches of asset backed securities,including the unrated "equity" or "first loss" residual income positiontypically retained by the banks or other financial institutions which haveoriginated the loan assets that collateralise a securitisation transaction. TheCompany makes such investments where its investment manager, Cheyne CapitalManagement Limited, considers the coupon or cash flows from the investment to beattractive relative to the credit exposure of the underlying asset collateral. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Real Est.cred