REG - Fair Oaks Income Ltd Fair Oaks Incm- FA17 Fair Oaks Income2014 - Return of Capital to Realisation Shareholders

Fair Oaks IncomeAnnouncement

06/09/2024 16:15

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RNS Number : 2912D  Fair Oaks Income Limited  06 September 2024

FAIR OAKS INCOME LIMITED

(the "Company")

(Incorporated in Guernsey under The Companies (Guernsey) Law, 2008, as
amended, with registered number 58123 and registered as a Registered
Closed-ended Collective Investment Scheme with the Guernsey Financial Services
Commission)

 

Return of Capital to Realisation Shareholders

 

The Company announces that it will return US$2,850,000.00 on 17 September 2024
(the "Redemption Date") by way of a compulsory partial redemption of
Realisation Shares (the "Fourth Redemption").

 

The Fourth Redemption will be effected at 56.08 US cents per share, being the
NAV per Realisation Share as at 31 July 2024 of 58.08 US cents per share less
the dividend for the period to 28 June 2024 of 2.00 US cents per share. The
Fourth Redemption will be effected pro rata to holdings of Realisation Shares
on the register at the close of business on the Redemption Record Date, being
17 September 2024. As at today's date, the Company has 49,906,358 Realisation
Shares in issue of which none are held in treasury. On this basis
approximately 10.18% of each registered shareholding would be redeemed on the
Redemption Date.

 

Fractions of shares will not be redeemed and so the number of shares to be
redeemed for each shareholder will be rounded down to the nearest whole number
of shares.

 

All shares that are redeemed will be cancelled with effect from the Redemption
Record Date. Accordingly, once redeemed, shares will be incapable of transfer.

 

The Realisation Shares will all be disabled in CREST after close of business
on the Redemption Date and the existing ISIN, GG00BPG7H086 (the "Old ISIN"),
will expire.

 

The new ISIN, GG00BSQNQD31 (the "New ISIN"), in respect of the remaining
shares which have not been redeemed will be enabled and available for
transactions from and including the following business day, 18 September
2024.

 

Up to and including the Redemption Date, Realisation Shares will be traded
under the Old ISIN and as such, a purchaser of such Realisation Shares would
have a market claim for a proportion of the redemption proceeds. CREST will
automatically transform any open transactions as at the Redemption Date into
the New ISIN.

 

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. This can be done by completing the
election form being posted to all shareholders today, which is also available
on the Company's website at http://www.fairoaksincomefund.com
(http://www.fairoaksincomefund.com) . Election forms must be returned to the
Registrar by close of business on 17 September 2024. An announcement will be
made prior to the redemption monies being paid to confirm the rate per share
to be used to pay shareholders.

 

Please note that if you have previously advised the Registrar, Link Group,
that you wish to receive your dividends in sterling, you will need to advise
them separately using the election mandate form if you also wish to receive
redemption payments in sterling.

 

CREST shareholders must make their currency election via the election mandate
form.

 

The Board anticipates that the Company will receive future distributions from
the Master Funds such that further share redemptions may be declared, however,
shareholders should note that the Board retains absolute discretion as to the
execution, pricing and timing of any returns of capital.

 

Expected Timetable for Redemption:

 

 Posting of Redemption Notice                                                 9 September 2024

 Record Date, Redemption date and expiry of old ISIN                          17 September 2024

 New ISIN enabled                                                             18 September 2024

 Redemption monies paid to uncertificated holdings and certificated holdings  1 October 2024

 

 

LEI: 2138008KETEC1WM5YP90

 

Enquiries:

 

Fair Oaks Income Limited

Email: contact@fairoaksincome.com (mailto:contact@fairoaksincome.com)

Web: www.fairoaksincome.com (http://www.fairoaksincome.com)

 

Fair Oaks Capital Limited

Investor Relations

DDI: +44 (0) 20 3034 0400

Email: ir@fairoakscap.com (mailto:ir@fairoakscap.com)

 

Sanne Fund Services (Guernsey) Limited

Email: Fairoaksgrp@apexfs.group (mailto:Fairoaksgrp@apexfs.group)

 

Duetsche Numis Securities Limited

Nathan Brown, Investment Banking

DDI: +44 (0) 20 7260 1426

Email: n.brown@numis.com (mailto:n.brown@numis.com)

 

Panmure Liberum Capital Limited

Chris Clarke, Investment Banking

DDI: +44 (0) 20 3100 2190

Email: chris.clarke@liberum.com (mailto:chris.clarke@liberum.com)

 

Fair Oaks Income Limited

 

Fair Oaks Income Limited is a registered closed-ended investment company
incorporated in Guernsey. The Company was admitted to trading on the
Specialist Fund Market of the London Stock Exchange (now the Specialist Fund
Segment of the Main Market of the London Stock Exchange) on 12 June 2014.

 

The investment policy of the Company is to invest (either directly and/or
indirectly through FOIF II LP and FOMC III LP) in US and European CLOs or
other vehicles and structures which provide exposure to portfolios consisting
primarily of US and European floating-rate senior secured loans and which may
include non-recourse financing.

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