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Zeno Capital Limited issues Notice of Disposal of Material Subsidiary
Hamilton, Bermuda: 03 June 2015 – On June 2, 2015 Zeno Capital Limited (the "Company", Ticker:ZENOCAP.VI) advised holders of the company’s disposal of a material subsidiary. The Notice reads as follows:
Shareholders and note holders are advised that on the 1st of June 2015 Zeno Capital Limited (the “Company”) concluded an agreement to dispose of all its shares in Union Holdings (UK) Limited (the “Subsidiary”) to an undisclosed buyer (the “Buyer”). The disposal falls within the Company’s stated investment objective of opportunistically realizing growth in capital value for shareholders.
Summary of Transaction
The conclusion of the transaction involves the following steps:
1. A revaluation of the Subsidiary’s largest asset, Number 169 Union Street in London, to £90,000,000.
2. A declaration of a dividend of £27,060,427 from the reserves of the Subsidiary to its shareholder.
3. A subscription of new equity in the Subsidiary by the Buyer totaling around £78,878,613.
4. The subscription proceeds described in (3) above will be used to repay loans owing to senior and junior creditors of the Subsidiary, which creditors include the Company and its subsidiaries.
5. A sale of 100% of the Company’s indirect beneficial interest in the Subsidiary for around £7,900,000.
The transaction is unconditional and completes on the 5th of June 2015.
For more details, please contact info@zenocap.com