REG-Menhaden Resource Efficiency PLC: Liquidation Update

Menhaden Resource EfficiencyAnnouncement

29/05/2025 11:30

29 May 2025

 

Menhaden Resource Efficiency PLC (in Members Voluntary Liquidation)

(the "Company")

LEI: 2138004NTCUZTHFWXS17

 

Liquidation Update

 

 

Further to the liquidation of the Company on 26 March 2025 and the
announcements on 9 April 2025 and 13 May 2025, the Joint Liquidators of the
Company are in a position to make the second cash distribution to Shareholders
of the Company of 51 pence per share on 4 June 2025. This second distribution
equates to a distribution of approximately £40 million.

 

Terms used in this announcement have the same meaning as those set out in the
circular to shareholders dated 28 February 2025 ("the Circular").

 

As at 29 May 2025, the Company's Portfolio Manager has realised all of the
Company's listed investments resulting in proceeds of £100m net of sales
costs. In addition, other proceeds from the sale of a portion of one of the
unlisted investments and income from investments has totalled £3 million.
These total net proceeds from sales and income equate to £1.31 per share.

 

Furthermore, the Joint Liquidators have agreed the sale of two of the unlisted
investments which are due for completion by 1 July 2025. Another sale of one
of the other unlisted investments is in quite advanced negotiations.

 

The Joint Liquidators are currently in correspondence with interested parties
in relation to the remaining unlisted investment. At this stage, the Joint
liquidators estimate that the unlisted investments should realise
approximately £27 million in total. Shareholders should note that the actual
realisation may differ from this estimate as any realisation will depend on
the offers that are received and complete.  

 

On the basis that the unlisted investments realise at least £27 million, the
Joint Liquidators estimate that the total return to shareholders in the
liquidation, including the distribution made on 15 May 2025 and the
distribution noted above, should be more than £1.60.

 

At present it is anticipated that a third cash distribution will be announced
to Shareholders of the Company after the completion of the sales of the
unlisted investments noted above but will be made during the first two weeks
of July 2025 whether these sales have progressed or not. Until then, the Joint
Liquidators are required to hold cash to meet unfunded contractual
commitments, the costs and expenses of the liquidation and certain other
provisions for tax. The total amount held is £20 million. It is currently
anticipated that the provisions for unfunded capital commitments and tax
should be released in time for the third distribution in July 2025.

 

 

 

 

 

 

 

Joint Liquidators:

Derek Hyslop and

Richard Barker

Ernst & Young LLP

1 More London Place

London SE1 2AF

 

Enquiries: MHN@parthenon.ey.com



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