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RenShares Utilities Limited - Market Announcement
Hamilton, Bermuda - 6 July 2009 - In an announcement made to the Bermuda Stock Exchange (BSX), the Directors of RenShares Utilities Limited (the "Company") (Ticker: RENGEN1.BH) have approved a proposal to utilise up to $90,000,000 of the Company's assets to repurchase of shares in the Company.
The following announcement replaces and supersedes the announcement released by the Company on 30 June 2009.
The Directors of RenShares Utilities Limited (the "Company") have approved a proposal to utilise up to $90,000,000 of the Company's assets to repurchase of shares in the Company ("Shares"), conducted in three tranches of up to $30,000,000 each. The repurchase is being conducted in order to distribute proceeds received in connection with the Company's business activities. The first repurchase date is 21 July 2009. Two further repurchase dates will be announced in due course.
The Company is inviting shareholders to tender Shares at a repurchase price calculated by reference to the Net Asset Value per Share on the business day preceding the relevant repurchase date, less a 10% discount, and further subject to applicable charges.
Shareholders may tender all or any number of their Shares as of the repurchase date by completing a tender form and returning them to the Company's administrator, Custom House Fund Services (Ireland) Limited (the "Administrator"). Investors who wish to participate must send completed tender forms to the Administrator to be received no later than 5.00p.m. (Irish time) on 20 July 2009.
Each shareholder may tender any number of Shares up to (but not exceeding) the total number of Shares registered in his name at 5.00p.m. on 20 July 2009. Tenders will be satisfied pro rata to the total amount of Shares tendered.
For further information on the Tender Offer please contact:
Custom House Fund Services (Ireland) Limited
25 Eden Quay | Dublin 1| Ireland
Tel.: +353 1 878 0807
Fax: +353 1 878 7410