Terra Catalyst Fund TCF Transaction Update - NR Nordic & Russia Properties
RNS Number : 2290E
Terra Catalyst Fund
04 April 2011
4 April 2011
Terra Catalyst Fund
NR Nordic & Russia Properties Ltd - Transaction update
Terra Catalyst Fund ("the Company") today announces that NR Nordic & Russia
Properties Ltd has completed the largest and most important disposal in
respect of its stated strategy of asset realisations and maximising
shareholders returns.
NR Nordic & Russia Properties Ltd is the second largest holding in the
Company's portfolio by way of owning 37,137,008 shares as at 31 March 2011.
The full text of the announcement is below.
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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
NR Nordic & Russia Properties Ltd
Transaction Update
Further to the announcement of 14 February 2011 regarding the agreement to
sell substantially all of its remaining property assets (the "Transaction")
the board of directors of NR Nordic & Russia Properties Ltd (the "Company") is
pleased to announce completion of the disposal of the Swedish, Polish and
German properties to Kungsleden AB (publ) in accordance with the previously
announced terms.
The board anticipates that the completion of the disposal of the Russian
property assets to Thomas Lindeborg will take place during the second half of
April when Russian monopoly clearance is expected to be granted.
As announced on 23 February 2011, the Board is considering the optimal manner
by which to distribute net assets to shareholders following completion of the
Transaction. Having consulted with the Company's major shareholders, the Board
has concluded that the optimal manner by which to effect such distributions is
by way of one or more cash dividends.
In determining the timing and quantum of any cash dividends paid by
the Company, the board of directors will have regard among other things to
the impact of all outstanding and potential tax and other liabilities as
well as other obligations of the Company at the relevant time, any of which
may have a material effect on the value and timing of any such distributions.
One such consideration is the ability of the Company to pay interim dividends
out of the aggregate value of the Company's distributable reserves, as
currently required under its articles of association (the "Articles").
Given the potential for shareholder distributions to be effected by one or
more cash dividends, the board is proposing to amend the Company's Articles in
order to permit the Company to pay interim dividends not only where justified
by the aggregate value of the Company's distributable reserves, but also from
the Company's other reserves, including its stated capital account, as
permitted by Jersey law. It is expected that the necessary shareholder
approval for this amendment will be sought at the Company's annual general
meeting ("AGM") which is expected to be convened for on or around Thursday 19
May 2011.
Further information in relation to this proposed amendment will be set out in
the Company's notice of AGM which is expected to be despatched to shareholders
on or around 4 April 2011.
The board intends to issue a further announcement in due course providing an
update in relation to the timing and quantum of any dividends to be paid
following completion of the Transaction.
Contacts:
David Hunter (Chairman)
+44 (0) 7767 432203
NR Nordic & Russia Properties Ltd
Nick Westlake/Andrew Holloway
+44 (0) 20 7260 1000
Numis Securities Limited (Financial Adviser)
Christina Kembery
+44 (0)1534 750 511
Sanne Group (Company Administrator)
Forward-looking statements
This announcement may contain statements that are or may be forward-looking.
These statements are based on the current expectations of the Company's board
Of directors and management. Forward-looking statements include, without
Limitation, statements typically containing words such as 'will', 'may',
'Should', 'continue', 'believes', 'intends', 'expects', 'anticipates',
'Targets', 'estimates' and words of similar import. The statements have been
made with reference inter alia to forecast economic conditions and the current
regulatory environment. By their nature, forward-looking statements are not
guarantees of future performance or results and involve risks and
uncertainties because they relate to events and depend on circumstances that
will occur in the future. There are a number of factors that could or may
cause results of developments to differ materially from those expressed or
implied by such forward-looking statements. The Company assumes no obligation
to update these forward-looking statements, except as required pursuant to
applicable law.
Numis Securities Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting for the Company and for
no-one else in connection with the contents of this announcement and will not
be responsible to anyone other than the Company for providing the protections
afforded to clients of Numis Securities Limited, or for providing advice in
relation to the contents of this document or any matters referred to herein.
This information is provided by RNS
The company news service from the London Stock Exchange
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