SWEF: Proposed Orderly Realisation and Return of Capital to Shareholders (1475915)
31 Octubre 2022 - 8:35AM
UK Regulatory
Starwood European Real Estate Finance Ltd (SWEF) SWEF: Proposed
Orderly Realisation and Return of Capital to Shareholders
31-Oct-2022 / 14:35 GMT/BST Dissemination of a Regulatory
Announcement that contains inside information in accordance with
the Market Abuse Regulation (MAR), transmitted by EQS Group. The
issuer is solely responsible for the content of this
announcement.
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Starwood European Real Estate Finance Limited
(the "Company")
Proposed Orderly Realisation and Return of Capital to
Shareholders
Starwood European Real Estate Finance Limited announces that
following a review of the Company's strategy and advice sought from
its advisers, the Board intends to recommend to shareholders that
the investment objective and policy of the Company are amended such
that the Board can pursue a strategy of orderly realisation and the
return of capital over time to shareholders.
Under the Company's current discount control mechanisms, the
Company is required to redeem up to 75 per cent. of the shares in
issue if the Company's discount to its Net Asset Value per share is
greater than 5 per cent. or more during the six-month period ending
31 December 2022 (the "Tender Offer"). The Board has determined
that, following discussions with its larger shareholders, the
likely take-up of a potential future Tender Offer would be
significant and that the Company would no longer be of a viable
size to provide shareholders with sufficient liquidity and scale.
Accordingly, the Board has resolved that the Company should be
placed into a managed wind-down with the aim of enabling
shareholders to realise their entire holdings in the Company over
time. It is expected that any managed wind-down would be on an
orderly basis and will align to the repayment dates of the relevant
loan positions.
In reaching this decision, the Board have considered a range of
options and several factors including the prevailing and persistent
discount to net asset value of the shares, feedback from
shareholders, and the market capitalisation and liquidity of the
shares.
The orderly realisation of the strategy will not result in the
liquidation of the Company in the immediate future or require the
Company to dispose of assets within a defined time frame. The
proposed new strategy, if approved, would be implemented in a
manner that would seek to maximise value to shareholders. It is
intended that the Company's listing would be maintained during the
orderly realisation.
The Board intends, subject to the prior approval of the
Financial Conduct Authority of the proposed amendments to the
investment objective and policy, to publish a circular to
shareholders to convene an extraordinary general meeting at which
it will seek approval from shareholders to amend the Company's
investment objective and policy, the Articles of Incorporation (to
the extent required) and approve any related matters necessary to
facilitate an orderly realisation. It is the Board's current
intention to maintain the current target level of dividend, whilst
the Company remains substantially invested, should the proposals be
approved by shareholders (this is a target only and does not
constitute a profit forecast).
The Board is available to discuss the proposed managed wind down
with shareholders ahead of publishing a circular to
shareholders.
This announcement contains inside information for the purposes
of Article 7 of the UK version of the Market Abuse Regulation (EU)
no.596/2014, which forms part of UK law by virtue of the European
Union (Withdrawal) Act 2018 ("UK MAR").
For further information, please contact:
Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary
Duke Le Prevost
+44 (0)20 3530 3630
Starwood Capital
Duncan MacPherson +44 (0)20 7016 3655
Jefferies International Limited
Neil Winward
Gaudi Le Roux +44 (0)20 7029 8000
Notes:
Starwood European Real Estate Finance Limited is an investment
company listed on the main market of the London Stock Exchange with
an investment objective to provide Shareholders with regular
dividends and an attractive total return while limiting downside
risk, through the origination, execution, acquisition and servicing
of a diversified portfolio of real estate debt investments in the
UK and the wider European Union's internal market.
www.starwoodeuropeanfinance.com.
The Company is the largest London-listed vehicle to provide
investors with pure play exposure to real estate lending.
The Group's assets are managed by Starwood European Finance
Partners Limited, an indirect wholly-owned subsidiary of the
Starwood Capital Group.
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ISIN: GG00B79WC100
Category Code: MSCU
TIDM: SWEF
LEI Code: 5493004YMVUQ9Z7JGZ50
OAM Categories: 2.3. Major shareholding notifications
3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 197971
EQS News ID: 1475915
End of Announcement EQS News Service
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