Compulsory Conversion between classes (7911D)

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RNS Number : 7911D

Carador Income Fund PLC

22 May 2012

Carador plc (the "Company")

Compulsory Conversion between Classes

Further to the announcement of 19 April 2012, the directors of Carador have determined that the conditions for continued listing of the Euro Shares on the Official List will not be met following the conversion of Euro Shares into U.S. Dollar Shares as of the NAV calculation date of 30 March 2012. The directors have therefore determined to exercise their powers under the Company's Articles of Association to compulsorily convert the outstanding 13,436,803 Euro Shares into U.S. Dollar Shares. The conversion will be based on the net asset value of each class of Shares as at 30 April 2012.

30 April 2012 Conversion Ratio

On the basis of the Net Asset Values of the Company's Shares as at 30 April 2012 (as previously announced on 18 May 2012) (and using the spot currency exchange rate as at 30 April 2012), the conversion ratio, calculated in accordance with the Company's Articles of Association is as follows:

 
 1.015129159 U.S. Dollar Shares for every one Euro Share

On the basis of the compulsory conversion of the outstanding Euro Shares, application will be made to the UK Listing Authority for 13,640,090 new U.S. Dollar Shares of no par value to be admitted to the Official List. Application will also be made for the U.S. Dollar Shares to be admitted to trading on the London Stock Exchange. It is expected that such admissions will be effective and that dealings in the new U.S. Dollar Shares will commence on 29 May 2012.

Following the compulsory conversion of the remaining Euro Shares into U.S. Dollar Shares, there will be no Euro Shares in the Company in issue. As such, application will be made to the UK Listing Authority for the cancellation of the listing of the Euro Share class to the Official List. The Euro Share class will also be cancelled to trading on the London Stock Exchange.

Accordingly, the Company's issued share capital as at 29 May 2012 will be as follows:

 
 
 U.S. Dollar 
  Shares        419,053,358

All Shareholders have equal voting rights based on the number of Shares held. The total number of voting rights in the Company on 29 May 2012 will be 419,053,358 and this figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the Irish Transparency (Directive 2004/109/EC) Regulations 2007.

The expected timetable to conversion is as follows:

 
                                                        2012 
 Conversion Time                                      29 May 
 
  Shareholder CREST accounts credited    By 8.00am on 29 May 
  with new Shares (of the relevant 
  Class)

Cancellation of Euro Share class 8.00am on 29 May

Further to the announcement of the Company of the 8 May 2012, the U.S. Dollar Shares to be issued in relation to the conversion notices received in respect of the 30 March 2012 conversion calculation date are expected to be admitted to the Official List and to trading on the London Stock Exchange at the same time as those shares issued in relation to the compulsory conversion, this being 29 May 2012.

Enquiries:

 
 GSO Capital Partners International LLP    +44 (0)20 7451 4000 
 Mark Moffat 
 
 Singer Capital Markets Limited            +44 (0)20 3205 7500 
 James Maxwell/Jenny Wyllie 
 
 Dexion Capital plc                        +44 (0)20 7832 0900 
 Ravi Anand/Katie Standley

This information is provided by RNS

The company news service from the London Stock Exchange

END

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