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Sherborne Inv. C Ld (SIGC)

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Friday 07 May, 2021

Sherborne Inv. C Ld

Statement re Investment Update

RNS Number : 8512X
Sherborne Investors (Guernsey)C Ltd
07 May 2021
 

Sherborne Investors (Guernsey) C Limited

LEI 213800L8QL59OCFOCB40

This announcement contains inside information

7 May 2021

 

Sherborne Investors (Guernsey) C Limited

Investment Update

 

 

The board of Sherborne Investors (Guernsey) C Limited (the "Company") has been notified by Sherborne Investors Management LP ("Sherborne Investors") that funds managed by it have disposed of their entire 6.01% shareholding in Barclays PLC ("Barclays").

 

Sherborne Investors has informed the Company that it believes that the risk of and rewards from a new investment opportunity that it has identified offers a better return to the Company's shareholders than a continuing investment in Barclays. As provided for in the partnership agreement of SIGC, LP (Incorporated) (the "Partnership") and the Company's investment process as set out in its prospectus, the independent board of the Company (the "Board") has reviewed Sherborne Investors' recommendation of a new investment and, following Board approval, Sherborne Investors has initiated investment into securities of the new target company.

 

Sherborne Investors has advised the Company that its turnaround assumptions indicate a potential return on the investment in line with Sherborne Investors' customary return objectives, and the investment thesis underlying this will be discussed with shareholders once a disclosable shareholding has been accumulated.

 

Sherborne Investors manages funds for various clients, including the Partnership, a limited partnership in which the Company has invested. Sherborne Investors is the parent of Sherborne Investors Management (Guernsey) LLC, the investment manager of the Partnership.

 

Giving effect to the transactions, the current Net Asset Value of the Company is approximately £550 million, or 79p per share.

 

The person responsible for making this announcement is Nick Robilliard of Apex Fund and Corporate Services (Guernsey) Limited ("Apex"), Company Secretary.

 

-Ends-

 

Enquiries: 

 

FTI Consulting      +44 (0)20 3727 1000

Jonathon Brill

James Styles

 

Numis Securities Limited (Broker)    +44 (0)20 7260 1000

David Benda

Nathan Brown

 

Sherborne Investors (Guernsey) C Limited              +44 (0)14 8173 5827

Talmai Morgan (Chairman)

Nick Robilliard (Apex, Company Secretary)

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