REG - Fair Oaks Income Ltd Fair Oaks Incm- FA17 Fair Oaks Income2014 - Return of Capital to Realisation Shareholders

Fair Oaks IncomeAnnouncement

17/02/2025 07:00

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RNS Number : 2455X  Fair Oaks Income Limited  17 February 2025

FAIR OAKS INCOME LIMITED

(the "Company")

(Incorporated in Guernsey under The Companies (Guernsey) Law, 2008, as
amended, with registered number 58123 and registered as a Registered
Closed-ended Collective Investment Scheme with the Guernsey Financial Services
Commission)

 

Return of Capital to Realisation Shareholders

 

The Company announces that it will return US$4,500,000.00 on 28 February 2025
(the "Redemption Date") by way of a compulsory partial redemption of
Realisation Shares (the "Sixth Redemption").

 

The Sixth Redemption will be effected at 56.58 US cents per share, being the
NAV per Realisation Share as at 31 January 2025 of 58.58 US cents per share
less the dividend for the period to 31 December 2024 of 2.00 US cents per
share. The Sixth Redemption will be effected pro rata to holdings of
Realisation Shares on the register at the close of business on the Redemption
Record Date, being 28 February 2025. As at today's date, the Company has
41,086,020 Realisation Shares in issue of which none are held in treasury. On
this basis approximately 19.36% of each registered shareholding would be
redeemed on the Redemption Date.

 

Fractions of shares will not be redeemed and so the number of shares to be
redeemed for each shareholder will be rounded down to the nearest whole number
of shares.

 

All shares that are redeemed will be cancelled with effect from the Redemption
Record Date. Accordingly, once redeemed, shares will be incapable of transfer.

 

The Realisation Shares will all be disabled in CREST after close of business
on the Redemption Date and the existing ISIN, GG00BS9F9F93 (the "Old ISIN"),
will expire.

 

The new ISIN, GG00BS08TM44 (the "New ISIN"), in respect of the remaining
shares which have not been redeemed will be enabled and available for
transactions from and including the following business day, 3 March 2025.

 

Up to and including the Redemption Date, Realisation Shares will be traded
under the Old ISIN and as such, a purchaser of such Realisation Shares would
have a market claim for a proportion of the redemption proceeds. CREST will
automatically transform any open transactions as at the Redemption Date into
the New ISIN.

 

The default payment will be US Dollars however, redemption payments can also
be paid in Sterling providing the relevant shareholder has registered to
receive redemption payments in Sterling. This can be done by completing the
election form being posted to all shareholders today, which is also available
on the Company's website at http://www.fairoaksincome.com
(http://www.fairoaksincome.com) . Election forms must be returned to the
Registrar by close of business on 28 February 2025. An announcement will be
made prior to the redemption monies being paid to confirm the rate per share
to be used to pay shareholders.

 

Please note that if you have previously advised the Registrar, MUFG Corporate
Markets, that you wish to receive your dividends in sterling, you will need to
advise them separately using the election mandate form if you also wish to
receive redemption payments in sterling.

 

CREST shareholders must make their currency election via the election mandate
form.

 

The Board anticipates that the Company will receive future distributions from
the Master Funds such that further share redemptions may be declared, however,
shareholders should note that the Board retains absolute discretion as to the
execution, pricing and timing of any returns of capital.

 

Expected Timetable for Redemption:

 

 Posting of Redemption Notice                                                 17 February 2025

 Record Date, Redemption date and expiry of old ISIN                          28 February 2025

 New ISIN enabled                                                             3 March 2025

 Redemption monies paid to uncertificated holdings and certificated holdings  14 March 2025

 

 

LEI: 2138008KETEC1WM5YP90

 

Enquiries:

 

Fair Oaks Income Limited

Email: contact@fairoaksincome.com (mailto:contact@fairoaksincome.com)

Web: www.fairoaksincome.com (http://www.fairoaksincome.com)

 

Fair Oaks Capital Limited

Investor Relations

DDI: +44 (0) 20 3034 0400

Email: ir@fairoakscap.com (mailto:ir@fairoakscap.com)

 

Apex Fund and Corporate Services (Guernsey) Limited

Email: Fairoaksgrp@apexgroup.com

 

Duetsche Numis Securities Limited

Nathan Brown/Matt Goss, Investment Banking

DDI: +44 (0) 20 7260 1426

Email: n.brown@numis.com (mailto:n.brown@numis.com)

 

Panmure Liberum Capital Limited

Chris Clarke, Investment Banking

DDI: +44 (0) 20 3100 2190

Email: chris.clarke@liberum.com (mailto:chris.clarke@liberum.com)

 

Fair Oaks Income Limited

 

Fair Oaks Income Limited is a registered closed-ended investment company
incorporated in Guernsey. The Company was admitted to trading on the
Specialist Fund Market of the London Stock Exchange (now the Specialist Fund
Segment of the Main Market of the London Stock Exchange) on 12 June 2014.

 

The investment policy of the Company is to invest (either directly and/or
indirectly through FOIF II LP and FOMC III LP) in US and European CLOs or
other vehicles and structures which provide exposure to portfolios consisting
primarily of US and European floating-rate senior secured loans and which may
include non-recourse financing.

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