DW CATALYST FUND LIMITED (IN VOLUNTARY
LIQUIDATION) (THE “COMPANY”)
Audit Hold-back
On 9 March 2017 the shareholders
of the Company passed a Discount Trigger Resolution which obliged
the Company to redeem all shareholders of the Company that voted in
favour of the Discount Trigger Resolution (the “Redeeming
Shareholders”). At an extraordinary general meeting of the Company
held on 2 August 2017, the
shareholders of the Company at that date (the “Continuing
Shareholders”) passed resolutions to wind-up the Company and
appointed Linda Johnson and
Ashley Paxton of KPMG Channel
Islands Limited as joint liquidators (the “Liquidators”).
To date the Liquidators have, pursuant to the Discount Trigger
Circular dated 17 February 2017 and
the Liquidation Circular dated 12 July
2017 (the “Circulars”), made four interim liquidation
payments to Redeeming Shareholders and three interim liquidation
payments to Continuing Shareholders. A fourth interim liquidation
payment to Continuing Shareholders is expected to be made in
mid-September 2018 and a further
announcement will follow in relation to that payment following
receipt of the Company’s final redemption of its holding in DW
Catalyst Offshore Fund Limited (the “Feeder Fund”).
As outlined in the Circulars, the Feeder Fund has held back an
amount equal to 5% of the aggregate of the redemption proceeds
received by the Company in 2018 (the “Hold-back Amount”). The
Feeder Fund is expected to pay an amount not exceeding the
Hold-back amount to the Company in March
2019, following the publication of the Feeder Fund’s audited
accounts for the year ended 31 December
2018. It is expected that the Company will distribute the
amount it receives from the Feeder Fund in relation to the
Hold-back Amount as a final distribution, apportioned accordingly
between the relevant number of Continuing Shareholders and
Redeeming Shareholders.
A further announcement in relation to the amount likely to be
received by the Company in relation to the Hold-back Amount, and
its subsequent distribution, will be made once in receipt by the
Company.
Enquiries:
The Liquidators
Linda Johnson and Ashley Paxton
Glategny Court
Glategny Esplanade
St Peter Port
Guernsey
GY1 1WR
Tel: 01481 721 000
restructuring-ci@kpmg.com