Dexion Trading Limited Discount Control Policy (0222D)

TIDMDTL

RNS Number : 0222D

Dexion Trading Limited

23 April 2013

Dexion Trading Limited

23 April 2013

Discount Control Policy

On 4 April 2013 Dexion Trading Limited (the "Company") published a Circular containing the notice of a class meeting of holders of sterling shares to be held on 3 May 2013 at which a continuation resolution will be put, in accordance with the Company's Articles of Association.

Taking into consideration the interests of Shareholders as a whole, the Directors believe that, going forward, it is appropriate for the Company to implement a more formal discount control policy.

Accordingly, subject to passing of the continuation resolution in each year, the Company will adopt the following policy for the following year:

"If the Directors (at their sole discretion) determine that it is then in the best interests of Shareholders, and subject to applicable law, including the requirements of the Companies Laws, and the prevailing market conditions existing at that time (together with all other relevant facts and circumstances), where the Shares have traded at an average discount to NAV equal to or in excess of 5 per cent in any calendar quarter the Company may make a redemption offer to Shareholders for up to 30 per cent of the Shares then in issue (excluding Shares held in treasury). The discount will be calculated by reference to the weekly NAV estimates released in that period and the closing mid-market Share price 5 business days after each such estimate is released. Such redemption offer (if made) would be at the Net Asset Value per Share at a redemption date determined by the Directors following closing of the redemption offer, less all costs attributable to that redemption offer.

If the Directors were to decide that the Company should make a redemption offer in such circumstances, they would determine and announce the terms and conditions of the offer at the relevant time. For example if a redemption offer was made, Shareholders may be granted a basic entitlement to redeem up to 30 per cent of their holding of Shares, provided that Shareholders requesting in excess of 30 per cent of their Shares to be redeemed may have their redemption requests in respect of such excess accepted, pro rata to the size of their shareholding if, and then only to the extent that, redemption requests were made by other Shareholders for less than 30 per cent of their holdings.

Furthermore the Directors, together with the Company's Investment Manager and Investment Adviser, will continue to monitor the size of the Company both before and after any such redemption offer. If the Directors determine that following completion of any redemption offer the remaining assets of the Company would be less than a minimum viable size(as determined by the Directors at the time but which is currently expected to be circa GBP60 million), then the Directors may determine that such redemption offer should not be made or, if already made, should not proceed or be completed and instead further proposals would be put to Shareholders, which are likely to include the winding up of the Company.

Accordingly, whilst the Directors retain a discretion to make redemption offers, including in the circumstances referred to above, they are under no obligation, and give no undertaking, to do so and Shareholders should not place any reliance on the willingness of the Directors to do so."

It is anticipated that, subject to the passing of the 2013 Continuation Resolution, the first discount calculation period would be from 1 July 2013 to 30 September 2013.

Terms used and not defined in this announcement have the meaning given to them in the Circular dated 4 April 2013.

Enquiries:

 
 Robin Bowie / Ana Haurie    Tel: +44 (0) 20 7832 0900 
  Dexion Capital plc 
 Carol Kilby                 Tel: +44 (0) 1481 743 940 
  Dexion Capital (Guernsey) 
  Limited 
 Stuart Klein                Tel: +44 (0) 20 7029 8000 
  Jefferies Hoare Govett

This information is provided by RNS

The company news service from the London Stock Exchange

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