Terra Catalyst Fund TCF Placing of ZDP Shares in IRET Securities Limited - 22 December 2010

22 Dec 2010
RNS Number : 4275Y
Terra Catalyst Fund
22 December 2010

22 December 2010

TERRA CATALYST FUND

Placing of ZDP Shares in IRET Securities Limited

Terra Catalyst Fund ("TCF") is pleased to announce that approximately two thirds of TCF's total holding of the ZDP Shares have been conditionally placed with other investors. IRET Securities Limited today confirmed that the zero dividend preference shares in issue ("ZDP Shares") are expected to be admitted to listing on the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange plc ("Admission") on 29th December 2010.

A total of 26 million ZDP Shares have been conditionally placed, representing 66 per cent. of the total ZDP Shares held by funds managed by Laxey Partners Ltd, including TCF (the "Placing"). Pursuant to the Placing, TCF has agreed to sell a total of 6,944,910 ZDP Shares at a price of 67.77 pence per ZDP Share being the issue price per ZDP Share of 65 pence plus the accrued interest at 6.875 per cent. per annum to the date of Admission (subject to Admission taking place on 29th December 2010). The Placing, which was conducted by Fairfax I.S. PLC, is conditional only upon Admission.

Following Admission, TCF will be able to apply open market pricing for the balance of the ZDPs which are being retained.



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ENQUIRIES TO:
Terra Catalyst Fund
Mike Haxby, Director
www.terracatalystfund.com
Tel: +44 (0)1624 690 900
Fairfax I.S. PLC
James King/ Gillian McCarthy
Tel: +44 (0)207 598 5368

NOTE TO EDITORS

Terra Catalyst Fund
Terra Catalyst Fund is a closed-ended Cayman Islands registered, exempted company established to invest in listed property companies and funds in Europe, with the objective of seeking to identify undervalued securities and actively seeking to close the valuation gap between the value at which the security is trading and its intrinsic value.

This information is provided by RNS
The company news service from the London Stock Exchange