Notification of Sell-down
FAIR OAKS INCOME FUND LIMITED
(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)
NOTIFICATION OF SELL-DOWN
4 MARCH 2015
Fair Oaks Income Fund Limited (the "Company") announces that a fund advised by Coller Capital Limited (the "Coller fund") has purchased the entire holding of 34,298,425 ordinary shares in the Company (the "Shares") previously held by GLI Finance Limited ("GLI").
The Coller fund has entered into a lock-in agreement under which it has agreed until 16 August 2016 not to directly or indirectly transfer the legal and/or beneficial ownership or any interest therein in any of the Shares owned by it, subject to certain agreed exceptions.
Miguel Ramos Fuentenebro, co-founder of Fair Oaks Capital, commented:
"Coller Capital is a leading global investor in the secondary market of private equity and portfolios of direct investments in companies. We are delighted to welcome such an experienced investor as the Company's largest shareholder. We believe that their purchase validates the attractiveness of both the Company's differentiated approach to investing in CLOs and senior secured loans, as well as its structure, which provides for the distribution to Shareholders of both income and realised capital. I would also like to take this opportunity to thank GLI for being such a supportive shareholder during the Company's IPO and subsequently."
Further Information
Fair Oaks Income Fund Limited
Email: contact@fairoaksincomefund.com
Web: www.fairoaksincomefund.com
Fair Oaks Capital Limited
Miguel Ramos Fuentenebro
Tel. +44 (0) 20 3102 4855
Email: mrf@fairoakscap.com
Numis Securities Limited
Tel. +44 (0)20 7260 1000
Nathan Brown
Camarco
Tel. +44 (0) 20 3757 4989
Edward Gascoigne-Pees
Hazel Stevenson
Fair Oaks Income Fund Limited
Fair Oaks Income Fund Limited (the "Company") is an authorised closed-ended investment company incorporated in Guernsey. The Company was admitted to trading on the Specialist Fund Market of the London Stock Exchange on 12 June 2014. The Company's ordinary shares have the TIDM: FAIR and ISIN: GG00BMBN1D14.
The investment policy of the Company is to seek exposure to 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. The Company will implement its investment policy by investing in the Master Fund.
The investment objective of the Company is to generate attractive, risk-adjusted returns, principally through income distributions. The Company announced on 16 January 2015 that (1) on the basis of income projections as at that date, the Board planned to declare eleven monthly dividends of a minimum of 0.7 US cents per share* and a larger twelfth interim dividend such that, in the opinion of the Directors, substantially all net income generated by the Company in 2015 is distributed to shareholders; and (2) the Company will continue to target an annual net total return of 12-14%* over the planned life of the Master Fund and it is expected that dividends will constitute the principal element of the return to the Company's shareholders.
*This is a target only and not a profit forecast. There can be no assurance that this target will be met or that the Company will make any distributions at all. This target return should not be taken as an indication of the Company's expected or actual current or future results. The Company's actual return will depend upon a number of factors. Shareholders and potential investors should decide for themselves whether or not the return is reasonable and achievable.
Important Information
Numis Securities Limited ("Numis") is acting only for the Company in connection with the matters described in this announcement and is not acting for or advising any other person, or treating any other person as its client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Numis or advice to any other person in relation to the matters contained herein.
This information is provided by RNS
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