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EF Realisation Comp (EFR)

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Wednesday 10 October, 2018

EF Realisation Comp

Sale and Distrbution of Lonestar shares

RNS Number : 6523D
EF Realisation Company Limited
10 October 2018



Distribution in Respect of Shares of Lonestar Resources US Inc ("Lonestar")


The Company announces that, further to the Extraordinary General Meeting of the Company held on 24 September 2018 and the approval of the resolutions by Shareholders, the Joint Liquidators have declared a distribution to all shareholders of the Company.


1.         Sale of Lonestar Shares on Behalf of Non-Qualifying Shareholders and Resulting Cash Distribution


The Joint Liquidators have sold all 399,078 Lonestar Shares attributable to and on behalf of Non-Qualifying Shareholders, on the basis described in the circular published by the Company on 10 September 2018, as well as any fractional entitlements. The number of Lonestar Shares sold on behalf of Non-Qualifying Shareholders was significantly higher than the estimate of 240,000 Lonestar Shares contained in the Shareholder Circular following an increase in registered shareholdings in the Company of less than 75,000 Shares between 5 September 2018 and the Record Date of 24 September 2018.


Proceeds from the sale of Lonestar Shares are to be distributed through CREST or by cheque, as appropriate, as soon as practical.  Each Non-Qualifying Shareholder's entitlement to Lonestar Shares is calculated based on the ratio of 0.09280749 Lonestar Shares per EF Realisation Share (rounded down) and the resulting cash distribution is based on the realised price of £5.90170388 per Lonestar Share.  The cash distribution to Non-Qualifying Shareholders will therefore equate to approximately 54.7 pence per EF Realisation Company Limited Share, subject to cash distributions exceeding £10.00 (entitlements to less than £10.00 will be retained by the Company). The cash distribution per Share to Non-Qualifying Shareholders is lower than the indicative calculations for the cash distribution provided in the Shareholder Circular due to market conditions.


2.         In Specie Distribution of Lonestar Shares to Qualifying Shareholders


The remaining 3,775,181 Lonestar Shares are being distributed in specie to thirty-three Qualifying Shareholders, representing institutions and individuals.  As a result, the Company no longer owns any Lonestar Shares.


The Company has transferred the Lonestar Shares being distributed in specie to Computershare for collection by the Qualifying Shareholders through the Depositary Trust Company ("DTC").  Qualifying Shareholders who have not already provided details of their DTC accounts to Computershare should do so immediately and in any event no later than 23 November 2018 in order for Computershare to deliver their entitlement to Lonestar Shares.  In the event that a Qualifying Shareholder does not provide details of its DTC account, Computershare will record that Qualifying Shareholder's holding in Lonestar's share register maintained by Computershare.


If you have any queries in this regard please contact the Company's investment advisor, Dr Chris Rowland, at [email protected].


Please note that this distribution may have tax consequences and should therefore be reflected in your tax return for the current fiscal year. You are advised to contact your financial adviser should you have any queries regarding the above.


Please address any further queries to Jeanne Lee, Grant Thornton Limited, Lefebvre Street, St Peter Port, Guernsey GY1 3TF (+44(0)1481 753400, [email protected]). 


BNP Paribas Securities Services

Company Secretary

Telephone: +44 (0) 1481 750822


10 OCTOBER 2018

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