Fair Oaks Income Fund has announced that, further to the announcement it made on 4 July 2016 regarding its intention to return capital to Shareholders, it will return $5,930,400 (equivalent to 1.849 cents per share) on 29 September by way of a compulsory partial redemption of shares (the First Redemption).
The company says that the First Redemption will be effected at 94.31 cents, being the NAV per ordinary share as at 31 August 2016. It says that this redemption will be effected pro rata to holdings on the register at the close of business on 29 September 2016. It says that,
As at today’s date, the says it has 320,662,090 ordinary shares in issue of which none is held in treasury. On this basis, it says that 1.961 per cent. of each registered shareholding would be redeemed. The default payment will be US Dollars however, redemption payments can also be paid in Sterling providing the relevant shareholder has registered to receive redemption payments in Sterling. The redemption notice being posted to all shareholders on 14 September will include the relevant election form.
The Board says that it anticipates that the Company will receive future distributions from the Master Fund such that further share redemptions may be declared on a quarterly basis, although it retains discretion as to the execution, pricing and timing of any returns of capital.
Fair Oaks Income announces first details of first redemption : FAIR