Conversion of C Shares

RNS Number : 7938M

CVC Credit Partners European OpsLtd

18 July 2014

 



CVC Credit Partners European Opportunities Limited

18 July 2014

Conversion of C Shares

Further to its announcement dated 10 June 2014, the Company is pleased to announce the following information in relation to the conversion of its C Shares.

Conversion Ratio for C Shares

The net asset values ("NAV") attributable to the shares of the Company as at the Calculation Time, being 30 June 2014, were as follows:

Share Class	NAV per Share
Euro Shares	€1.0250XD
Sterling Shares	£1.0268XD
Euro C Shares	€1.0039
Sterling C Shares	£1.0035

The Conversion Ratio for conversion of the Euro C Shares and Sterling C Shares, as calculated in accordance with the Company's articles of association (the "Articles"), is as follows:

0.9794 Euro Shares for every one Euro C Share held

0.9773 Sterling Shares for every one Sterling C Share held

On the basis of the Conversion Ratio, a holder of 1,000 Euro C Shares will receive 979 new Euro Shares upon conversion and a holder of 1,000 Sterling C Shares will receive 977 new Sterling Shares upon conversion.

Entitlements will be rounded down to the nearest whole share.

The Euro Shares arising on Conversion will rank pari passu with, and will have the same rights as, the Euro Shares of the Company already in issue, likewise Sterling Shares arising on Conversion will rank pari passu with, and will have the same rights as, the Sterling Shares of the Company already in issue.

Admission of shares

On the basis of the above Conversion Ratio details, application will be made to the UK Listing Authority for up to 30,320,755 Euro Shares and 64,846,857 Sterling Shares (the "New Shares") to be admitted to the Official List.  Application will be made for the New Shares to be admitted to trading on the London Stock Exchange. 

It is anticipated that the number of New Shares that will be admitted to the Official List and admitted to trading on the London Stock Exchange will be slightly lower due to the rounding down of fractional entitlements. The final number of New Shares arising from the Conversion will be confirmed in an announcement expected to be made on the morning of 22 July 2014.

It is expected that such admissions will become effective and that dealings in the New Shares will commence on 22 July 2014.

The expected timetable for Conversion is as follows:

Conversion time and dealings in new Euro Shares and new Sterling Shares commence	22 July 2014
Crediting of CREST accounts with new Euro Shares and new Sterling Shares	22 July 2014

Further details of the Conversion and rights attaching to the C Shares are set out in the Articles and the Company's prospectus dated 20 March 2014.  Terms defined in the Articles and the Prospectus have the same meaning in this announcement unless otherwise defined.

Cancellation of listing of the C Shares

Once the C Shares have converted the listing of the C Shares will be cancelled accordingly. It is anticipated that this will take place on or around Tuesday 22 July. The Company will make an announcement once this has occurred.

Enquires

CVC Credit Partners European Opportunities Limited:                                   [phone]

Richard Boléat

BNP Paribas Securities Services S.C.A. Jersey Branch:                                     [phone]

CVC Credit Partners European Opportunities Limited

 

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