REG - Crystal Amber Fund - Shareholder returns update

Crystal Amber FundAnnouncement

12/04/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230412:nRSL8844Va&default-theme=true

RNS Number : 8844V  Crystal Amber Fund Limited  12 April 2023

12 April 2023

CRYSTAL AMBER FUND LIMITED

("Crystal Amber Fund" or the "Fund")

 

Shareholder returns update

Within the Fund's interim results for the six months to 31st December 2022
published last month, it was stated that the Board remains optimistic that the
Fund will return significant disposal proceeds to shareholders in the second
half of 2023, and that this will be principally determined by the outcome of
the current recommended acquisition of Hurricane Energy plc ("Hurricane").

 

The Board notes that on 6 April 2023, Hurricane published a circular in
relation to the recommended acquisition of the entire issued, and to be
issued, share capital of Hurricane by Prax (the "Acquisition") to be effected
by means of a Court-sanctioned scheme of arrangement under Part 26 of the
Companies Act 2006 (the "Scheme") setting out the full terms and conditions of
the Scheme  and an expected timetable of events (the "Scheme Document"). In
addition to Court and Hurricane shareholder approval, the Scheme is also
subject to satisfaction (or, where applicable, waiver) of the other conditions
set out in the Scheme Document, including approval from the North Sea
Transition Authority ("NSTA") and approval under the United Kingdom National
Security and Investment Act 2021 ("NSIA"), and the approval of the Court. The
Scheme is expected to become effective in Q2 2023.

 

A meeting of Hurricane shareholders to approve the Scheme has been set for 4
May 2023. Cash consideration due under the Scheme and payment of special
dividends due pursuant to the Scheme are scheduled within 14 days of the
Scheme becoming effective. The cash consideration due to the Fund upon the
Scheme becoming effective is £34.7 million, equivalent to 41.6p per Crystal
Amber share ("the Initial Consideration"). In addition, the Fund could receive
deferred consideration units with a value up to £37.3 million, equivalent to
an additional 44.8p per Crystal Amber share. The total potential consideration
due relating to the sale of the Fund's shareholding in Hurricane would be £72
million, equivalent to 86.5p per Crystal Amber share.

 

Upon the Scheme receiving Hurricane shareholder and Court approval on 4 May
2023, the Fund intents to consult with major shareholders regarding the
treatment of the disposal proceeds. The Fund intends to announce a substantial
return of capital, as soon as practical, with a view to returning capital
immediately after the receipt of the Initial Consideration. As previously
announced, the Fund intends to retain sufficient liquidity out of the Initial
Consideration to continue to fund growth at GI Dynamics and protect the value
of its holding in De La Rue.

 

Earlier today Crystal Amber announced that the net asset value per share on 31
March 2023 was 117.4p. This comprises 49.1p per share relating the holding in
Hurricane and a net 68.3p for the Fund's other assets and liabilities. On the
assumption that the full consideration relating to Hurricane of 86.5p per
Crystal Amber share had been received on 31 March 2023, the pro forma net
asset value per share on 31 March 2023 would have increased by 37.4p per share
to 154.8p per Crystal Amber share.

 

A further announcement will be made in due course.

 

For further enquiries please contact:

 

Crystal Amber Fund Limited

Chris Waldron (Chairman)

Tel: 01481 742 742

www.crystalamber.com (http://www.crystalamber.com)

 

Allenby Capital Limited - Nominated Adviser

David Worlidge/Jeremy Porter/Dan Dearden-Williams

Tel: 020 3328 5656

 

Winterflood Investment Trusts - Broker

Joe Winkley/Neil Langford

Tel: 020 3100 0160

 

Crystal Amber Advisers (UK) LLP - Investment Adviser

Richard Bernstein

Tel: 020 7478 9080

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFLFLDSAILLIV