SWEF: Initial Capital Distribution (1660665)
20 Junio 2023 - 1:00AM
UK Regulatory
Starwood European Real Estate Finance Ltd (SWEF) SWEF: Initial
Capital Distribution 20-Jun-2023 / 07:00 GMT/BST
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Starwood European Real Estate Finance Limited
(the "Company" or "SEREF")
Initial Capital Distribution
The Board of Starwood European Real Estate Finance Limited is
pleased to announce the Company's first capital distribution
following the amendments to the Company's articles of incorporation
approved by shareholders at the Extraordinary General Meeting held
on 27 January 2023.
The Company has resolved to make an initial capital distribution
totaling (after expenses) GBP10 million to SEREF shareholders by
way of a compulsory partial redemption of shares at a price of
GBP1.0363 per share (being the last published NAV per share prior
to this announcement) (the "Compulsory Redemption"). The amount
applied to the Compulsory Redemption is after the deduction of
costs and expenses which are expected to be circa GBP15,000.
Shareholder Information
The Compulsory Redemption will be affected pro rata to holdings
on the share register as at the close of business on 26 June 2023
(the "Redemption Date"), being the record date for the Compulsory
Redemption. Approximately 2.44 per cent. of the Company's issued
share capital will be redeemed on the Redemption Date (the
"Redemption Ratio") equivalent to approximately 9,649,715 of the
Company's issued shares. Fractions of shares produced by the
Redemption Ratio will not be redeemed, so the number of shares to
be compulsorily redeemed from each shareholder will be rounded down
to the nearest whole number of shares.
Payments of redemption monies are expected to be affected either
through CREST (in the case of shares held in uncertificated form)
or by cheque (in the case of shares held in certificated form) by
30 June 2023. Any certificates currently in circulation will be
superseded by a new certificate which will be distributed to
certificated shareholders by 30 June 2023.
The Company currently has 395,592,696 shares in issue. All of
the shares redeemed on the Redemption Date will be cancelled and
accordingly will thereafter be incapable of transfer by
shareholders or reissue by the Company.
The shares will be disabled in CREST after close of business on
the Redemption Date and the existing ISIN number, GG00B79WC100,
(the "Old ISIN") will expire. The new ISIN number, GG00BQWPBM39,
(the "New ISIN") in respect of the remaining shares which have not
been compulsorily redeemed will be enabled and available for
transactions from 8.00 a.m. on 27 June 2023. The share price TIDM,
"SWEF.L", will remain unchanged. For the period up to and including
the Redemption Date, shares will be traded under the Old ISIN and
as such, a purchaser of such shares may have a market claim for a
proportion of the redemption proceeds following the activation of
the New ISIN. CREST will automatically transfer any open
transactions as at the Redemption Date to the New ISIN.
John Whittle Chairman of the Company commented:
"In accordance with the Company's expectation in SEREF's
circular to shareholders on 28 December 2022 to announce the first
realisation in H1, we are pleased to declare an initial redemption
distribution of GBP10 million to shareholders. The relatively
modest size of this initial redemption is due to both the funding
of a special dividend to shareholders on 21 April 2023 of 2.0 pence
per share and to the repayment of the GBP19 million outstanding on
the Company's own credit facilities at the end of December 2022. We
look forward to updating shareholders on our next redemption in due
course."
For further information, please contact:
Apex Fund and Corporate Services (Guernsey) Limited as Company
Secretary
Duke Le Prevost
T: +44 (0) 203 5303 660
E: starwood@apexgroup.com
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 conduct an orderly realisation of the
assets of the Company. www.starwoodeuropeanfinance.com
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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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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ISIN: GG00B79WC100
Category Code: MSCH
TIDM: SWEF
LEI Code: 5493004YMVUQ9Z7JGZ50
OAM Categories: 2.5. Total number of voting rights and capital
3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 251954
EQS News ID: 1660665
End of Announcement EQS News Service
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