Nimrod Sea Assets had an investment period of 18 to 24 months. Any cash which had not been invested or committed at the end of this investment period was to be returned to shareholders as soon as practicable. The Board had anticipated being in a position to return the unrequired, uninvested cash to shareholders after March 2016.
The Board has resolved to return to shareholders 20 cents per Redeemable Ordinary Share (US$26 million in aggregate) by way of a bonus issue of 130 million B Shares to shareholders on the company’s register on the record date of 22 April 2016. Each such shareholder will be issued one B Share for every Redeemable Ordinary Share held by them. The company’s Redeemable Ordinary Shares will be marked ex-payment on 21 April 2016.
Following their issue the B Shares will be immediately redeemed by the Company at a redemption price of 20 cents per B Share. The redemptions will have a settlement date of 29 April 2016.
They say conditions in the market remain extremely challenging and valuations are likely to have deteriorated since the last interim report and accounts published in November 2015. The company is currently in the process of preparing accounts and valuations for the year to end March 2016.
The company continues to focus on the best ways to maximise value and to consider the best methods to achieve this from its existing assets and its cost base on ensuring that it has the correct resources to do so.
NSA : Nimrod Sea Assets to hand back uninvested cash