Crystal Amber Fund Limited Shareholder returns update & dividend declaration (1503C)
08 6월 2023 - 10:20PM
UK Regulatory
TIDMCRS
RNS Number : 1503C
Crystal Amber Fund Limited
08 June 2023
8 June 2023
CRYSTAL AMBER FUND LIMITED
("Crystal Amber" or the "Fund")
Shareholder returns update and declaration of dividend
Within the Fund's interim results for the six months to 31
December 2022, announced on 21 March 2023, it was stated that the
Board remain ed optimistic that the Fund w ould return significant
disposal proceeds to shareholders in the second half of 2023, and
that this w ould be principally determined by the outcome of the
recommended acquisition of Hurricane Energy plc ("Hurricane").
In April 2023, the Fund stated that it intended to announce a
substantial return of capital, as soon as practical, with a view to
returning capital immediately after the receipt of the Initial
Consideration from the Hurricane acquisition . Earlier today,
Hurricane announced that the acquisition by Prax Exploration and
Production PLC ( by means of a Scheme of Arrangement ) has become
effective, with payment of the Initial Consideration by 22 June
2023. Accordingly, the Fund is expecting a cash payment in respect
of its shareholding in Hurricane of GBP34.7 million on or before 22
June 2023.
As previously announced, the Fund intends to retain sufficient
liquidity out of the Initial Consideration to continue to fund
growth at GI Dynamics and protect the value of its holding in De La
Rue plc ("De La Rue).
On 29 June 2023, De La Rue is scheduled to publish its results
for the year ended 31 March 2023. In April 2023, the Fund set out
evidence as to why the turnaround plan at De La Rue had failed, the
serious failings in stewardship and governance and the requirement
for an immediate change of leadership. Therefore, the Fund
continues to believe that at this time, it is prudent to also
retain sufficient liquidity to protect the value of its holding in
De La Rue, but also to have the ability to help effect the urgent
change required at De La Rue.
Declaration of interim dividend
With the acquisition of Hurricane now effective, the Board of
Crystal Amber has resolved that it should now resume its returns to
shareholders, whilst retaining liquidity for GI Dynamics and if
required, De La Rue. The Directors of the Fund are now pleased to
declare a second interim dividend of 25p per share in respect of
the financial year ending 30 June 2023. This dividend will be
payable to shareholders on the register as at 16 June 2023, with an
ex-dividend date of 15 June 2023 and, subject to the Initial
Consideration from Hurricane being received as expected by 22 June
2023, a payment date on or around 7 July 2023.
The interim dividend of 25p per share represents a gross return
of GBP20.8 million and will bring total distributions to
shareholders since 2022 to 55p per share, representing a gross
return of GBP45.8 million.
Following greater visibility at De La Rue, in the coming months,
the Board of Crystal Amber may seek to make a n additional return
of capital to shareholders.
For further enquiries please contact:
Crystal Amber Fund Limited
Chris Waldron (Chairman)
Tel: 01481 742 742
www.crystalamber.com
Allenby Capital Limited - Nominated Adviser
Jeremy Porter/ Dan Dearden-Williams
Tel: 020 3328 5656
Winterflood Investment Trusts - Broker
Joe Winkley/Neil Langford
Tel: 020 3100 0160
Crystal Amber Advisers (UK) LLP - Investment Adviser
Richard Bernstein
Tel: 020 7478 9080
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END
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June 08, 2023 09:20 ET (13:20 GMT)
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