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RenShares Utilities Limited - Repurchase Of Shares - 1 August 2007
Hamilton, Bermuda, August 8, 2007 - The Directors of RenShares Utilities Limited (the "Company"), wish to advise of a proposal, approved by the Directors, to commence a share repurchase scheme, utilising up to $100 million of the Company's assets. The repurchase is being conducted in order to distribute proceeds received in connection with the Company's business activities, including the recent sale of the Company's entire interest in Open Joint Stock Company "Wholesale Generation Company - 3".
The Company will repurchase Shares from Shareholders expressing an interest in participating in the scheme at the net asset value per Share then prevailing as of the repurchase date less any applicable fees and expenses. Such fees and expenses are anticipated to amount to approximately $25,000, comprising the legal and administrative costs of processing the repurchase.
A letter describing this proposal (including a reply slip for use by those shareholders who may wish to participate in the repurchase) is to be distributed to all shareholders today. Shareholders may request repurchase of their entire shareholding or a part thereof. Those shareholders wishing to participate should complete the reply slip as directed and return as soon as possible, and in any event no later than 5:00 p.m. on 21 August 2007 to the Administrator (details below).
The Directors wish to remind shareholders that they will use their discretion to repurchase Shares in accordance with guidelines which are designed to ensure that the Company is not open-ended for taxation or regulatory purposes and that accordingly shareholders cannot expect with any degree of certainty that any of the Shares they may offer for repurchase or redemption will be bought back or redeemed at any particular time.
For further information on the Company please contact:
Chris Albright (chris.albright@adminchicago.com) or
Samuel Crispino (samuel.crispino@adminchicago.com)
Chicago Administrator & Corporate Services, LLC
372 W. Ontario, Suite 1N
Chicago, IL 60610
Tel. 312.280.0330 ext. 414
Fax. 312.280.0333