Sale of treasury shares and adhoc share conversion
6 October 2017
CVC Credit Partners European Opportunities Limited
(a closed-ended investment company incorporated in Jersey with registration number 112635)
Registered Office: IFC 1, The Esplanade, St Helier, Jersey, JE1 4BP
Sale of treasury shares and ad hoc share conversion
CVC Credit Partners European Opportunities Limited (the " Company " ) recently sold the last of the Sterling Shares held in treasury to meet demand in the secondary market. The Company is now undertaking a process to convert a substantial number of the Euro Shares held in treasury into Sterling Shares so that it may continue to sell these to meet ongoing secondary market demand. The conversion process and timing is explained in detail below.
Sale of treasury shares
At the Company's 2016 AGM, Shareholders authorised the Company to sell shares to, and repurchase shares from, another party for the purposes of facilitating the conversion of treasury shares from one class to another ("Treasury Share Conversion").
Accordingly the Company announces the sale of 50,000,000 ordinary Euro Shares out of treasury (the "Sale") to Conversion SPV Limited ("the Conversion Vehicle") which will complete on 9 October 2017. Following completion of the Sale, the Company's issued share capital (excluding treasury shares) will consist of:
176,468,943 ordinary Euro Shares of no par value
272,555,840 ordinary Sterling Shares of no par value
Each ordinary Euro share carries the right to 1 vote and each ordinary Sterling share carries the right to 1.17 votes.
The total number of voting rights of the ordinary Euro Shares of no par value will be 176,468,943 and of the ordinary Sterling Shares of no par value will be 318,890,332. The total number of voting rights in the Company will therefore be 495,359,275. As a result of the foregoing transaction, the Company will hold the following ordinary shares in treasury:
50,006,335 ordinary Euro Shares of no par value (non-voting)
Nil ordinary Sterling Shares of no par value (non-voting)
Ad hoc Share Conversion
The Company will implement an ad hoc Share Conversion on 9 October 2017 based on the Company's month-end net asset value per share for 31 August 2017, whereby the Conversion Vehicle will serve a notice on the Company requiring the Company to convert Euro Shares held by it into Sterling Shares. The conversion ratio applicable to the conversion of Euro Shares to Sterling Shares, calculated in accordance with the Company's articles of association, will be 0.903351 Sterling Shares per Euro Share. The 50,000,000 Euro Shares held by the Conversion Vehicle will thus be converted into 45,167,540 Sterling Shares. Once this conversion has taken place, the Company's issued share capital (excluding treasury shares) will consist of:
126,468,943 ordinary Euro Shares of no par value
317,723,380 ordinary Sterling Shares of no par value
Consequently, applications have been made for the admission of 45,167,540 Sterling Shares to the premium segment of the Official List of the UK Listing Authority and to trading on the main market for listed securities of the London Stock Exchange plc. It is expected that admission will become effective on 13 October 2017.
Purchase of Sterling Shares
Once the ad hoc share conversion has completed, the Company will purchase the Sterling Shares held by Conversion SPV Limited. These shares will be then be held in treasury.
A further announcement regarding the completion of the ad hoc share conversion and the Treasury Share Conversion, along with the revised number of total voting rights, will made on 13 October 2017.
BNP Paribas Securities Services S.C.A. Jersey Branch
+44 (0) 1534 709181
CVC Credit Partners European Opportunities Limited is regulated by the Jersey Financial Services Commission
This information is provided by RNS
The company news service from the London Stock Exchange
A copy of this announcement is and will be available, subject to certain restrictions relating to persons resident in restricted jurisdictions, for inspection on the Company's website at www.ccpeol.com
This information is provided by RNS