This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
Zeno Capital Limited Advises of Material Transaction
Hamilton, Bermuda: 27 February 2015 - Zeno Capital Limited (the "Company") hereby advises holders of the company’s securities of a Notice of Material Transaction as follows:
Circular: Notice of Material Transaction
Holders of the Company’s securities are hereby notified of the sale of 100% of the shares and loans in Kiklo Cars Limited to Caro Investment Holdings Limited (CARO BH).
The effective date of the transaction was on the 19th of February 2015. The Company successfully subscribed to 21,275 shares in Caro Investment Holdings Limited. Additionally, and independently of the sale of Kiklo Cars Limited, the Company subscribed to a further 12,885 shares in Caro Investment Holdings Limited. The Company’s total investment in Caro Investment Holdings Limited is $35,599,500.00, which includes a market premium on the Company’s existing 1,000 shares in Caro Investment Holdings Limited. As a result of the above the sale has now become unconditional.
Rationale for the sale of Kiklo Cars Limited
In line with the Company’s investment policy of investment into real estate, and having regard to the alternative asset class nature of Kiklo Cars Limited, the Directors felt it appropriate to sell all shares and claims in Kiklo Cars Limited to Caro Investment Holdings Limited, which is a dedicated alternative Directors: A Vassilopoulos, CA Akal, CM Vining, G Roussos, GR Poole investment company. As a result of the sale, shareholders in the Company have realized a significant return on their investment.
The total consolidated gross value of the transaction constitutes less than 10% of the total gross assets of the Company.
Nicole Mavroidis
Group Company Secretary