
23 May 2025
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
RIVERSTONE CREDIT OPPORTUNITIES INCOME PLC
("RCOI" or the "Company")
Compulsory Redemption of Shares and Quarterly Dividend Declaration
c.28 per cent of share capital to be redeemed
The Board is pleased to announce that it intends to return a further US$16,800,000 to holders of its ordinary shares of US$0.01 each (the "Ordinary Shares") by way of a second compulsory partial redemption of up to 19,090,909 Ordinary Shares (the "Compulsory Redemption"). The Company currently has 68,157,036 Ordinary Shares in issue (none of which are held in treasury).
Following this Compulsory Redemption, the Company will have cumulatively returned approximately US$39,833,220 to Shareholders since entering into managed wind-down on 22 May 2024, equal to 41 per cent. of the value of the Company's NAV at that time.
Approximately 28 per cent. of the Company's total issued share capital as at the date of this announcement will be redeemed pursuant to the Compulsory Redemption. The Compulsory Redemption will be effected pro rata to each Shareholder's registered holding of Ordinary Shares as at the close of business on the Redemption Date, being 27 June 2025 (the "Redemption Date"). Fractions of Ordinary Shares will not be redeemed and so the number of Ordinary Shares to be redeemed from each Shareholder will be rounded down to the nearest whole number of Ordinary Shares.
The Compulsory Redemption will be effected at a price per Ordinary Share equal to US$0.88 per Ordinary Share redeemed (the "Compulsory Redemption Price"), being equivalent to the 31/03/2025 NAV per Ordinary Share, being the prevailing NAV per Ordinary Share on the Redemption Date. The Compulsory Redemption Price has been determined in accordance with the articles of association (the "Articles") and includes the nominal value of each redeemed Ordinary Share.
On the basis set out above, a holder of 10,000 Ordinary Shares would have 2,801 Ordinary Shares redeemed under the Compulsory Redemption, and would receive US$2,465 in cash.
All of the Ordinary Shares redeemed on the Redemption Date will be cancelled and accordingly will thereafter be incapable of transfer by Shareholders or reissue by the Company.
The amount to be applied to the Compulsory Redemption of Ordinary Shares comprises monies arising from the repayment and realisation of the Company's investments. Following the payment of the proceeds of the Compulsory Redemption, the Company will hold cash equal to approximately US$2,500,000.
In accordance with the Articles, the Company has today dispatched formal notices of redemption to Shareholders in respect of the Compulsory Redemption.
Shareholders should consult their independent professional adviser regarding the tax implications of the Compulsory Redemption for them.
Settlement
In the case of Ordinary Shares held in uncertificated form (that is, in CREST), the Compulsory Redemption will take effect automatically on the Redemption Date.
The existing Shares will be disabled in CREST after close of business on the Redemption Date and the existing ISIN GB00BS0C7H78 (the "Old ISIN") will be disabled.
The new ISIN GB00BP0R4J21 (the "New ISIN"), in respect of the remaining Shares which have not been redeemed, will be enabled and available for transactions from 8.00 a.m. on 30 June 2025. CREST will automatically transform any open transactions as at the Redemption Date into the New ISIN.
In the case of Shares held in certificated form (that is, not in CREST), redemptions will take effect
automatically on the Redemption Date. Shareholders' existing Share certificates will be cancelled and new Share certificates will be issued to each such Shareholder for the balance of their shareholding after the Redemption Date.
Up to and including the Redemption Date, Ordinary Shares will continue to be traded under the Old ISIN and as such, a purchaser of such Ordinary Shares who was not on the register on the Redemption Date would have a market claim for a proportion of the redemption proceeds.
All Ordinary Shares that are redeemed will be cancelled with effect from the relevant Redemption Date. Accordingly, once redeemed, such Ordinary Shares will be incapable of transfer.
Payments of redemption monies are expected to be effected either through CREST (in the case of Shares held in uncertificated form) or by cheque (in the case of Shares held in certificated form) within 10 Business Days of the Redemption Date, or as soon as practicable thereafter. Shareholders will be paid their redemption proceeds in US dollars.
Declaration of quarterly dividend
In conjunction with the Compulsory Redemption, the Directors have declared a distribution for the quarter ending 31 March 2025 of 0.08 cents per share, payable on 26 June 2025 to holders of Ordinary Shares on the register at the close of business on 6 June 2025 (ex-distribution date is 5 June 2025).
Any such dividend payment to Shareholders may take the form of either dividend income or "qualifying interest income" which may be designated as an interest distribution for UK tax purposes and therefore subject to the interest streaming regime applicable to investment trusts. In this case, whole of the quarterly dividend is treated as qualifying interest income.
The quarterly dividend due on each Ordinary Share will be paid prior to the Redemption Date1.
Expected Timetable
Notice of Compulsory Redemption despatched | 23 May 2025 |
Payment of Q1 2025 dividend | 26 June 2025 |
Redemption Date (and record date for the Compulsory Redemption) | 27 June 2025 |
Redemption Ex-date and new ISIN enabled | 30 June 2025 |
Redemption payment date (on or around) | 11 July 2025 |
1 Shareholders should note that, although the dividend for the quarter ending 31 March 2025 will be paid before the Redemption Date, in accordance with the Articles, the Redemption Price remains the prevailing NAV per Ordinary Share on the Redemption Date (as at 31 March 2025 NAV) and is not adjusted in respect of the dividend payment.
For Riverstone Credit Opportunities Income Plc:
Adam Weiss Tel: +1 212 271 2953
For J.P. Morgan Cazenove (Corporate Broker):
Jérémie Birnbaum (Corporate Finance) Tel: +44 (0) 20 7742 4000
Media Contacts:
Burson Buchanan
Helen Tarbet Tel: +44 (0) 20 7466 5109
Henry Wilson Tel: +44 (0) 20 7466 5111
Verity Parker Tel: +44 (0) 20 7466 5197
Email: rcoi@buchanan.uk.com
For further details, see https://www.riverstonecoi.com/.
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