For release on 28 September 2016
Lazard World Trust Fund
Result of Tender Offer and Tender Price
Further to the announcement of the proposed Tender Offer on 26 August 2016, the board of Lazard World Trust Fund (the "Company") announces that the Tender Offer for up to 10 per cent. of the Shares in issue closed at 1.00 p.m. on 27 September 2016.
A total of 38,152,248 Shares, being 94.4 per cent. of the Company's Shares in issue (excluding treasury shares) as at 20 September 2016, were validly tendered under the Tender Offer. As a result, the Tender Offer was oversubscribed. The Basic Entitlement of all Shareholders who have validly tendered their Shares will be accepted in full and excess tenders will be satisfied to the extent of approximately 0.34 per cent. of the excess Shares tendered. Registered Shareholders who hold for multiple beneficial owners (for example, the Depository, or where Shares are held in Euroclear or Clearstream) may decide the allocation between such beneficial owners in their own discretion.
A total of 4,042,602 Shares will be repurchased by the Company under the Tender Offer and cancelled and it is expected that payments will be made in respect of successfully tendered Shares on 30 September 2016.
Following the implementation of the Tender Offer the Company will have 46,635,770 Shares in issue (including 10,252,277 Shares which are held in treasury and for which the exercise of voting rights is suspended).
The Company has been advised that under the Luxembourg Law of 11 January 2008 on transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, as amended (the "Transparency Law"), Shares held in treasury are required to be included in the denominator to be used by Shareholders in their shareholding announcements. Accordingly, the above figure (46,635,770) may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interests in, the Company in accordance with the Transparency Law.
The Company today also announces that the unaudited Net Asset Value as at close of business on 26 September 2016, being the Calculation Date for the purposes of the Tender Offer, was 331.3 pence per Share. Accordingly the Tender Price, calculated in accordance with the Circular sent to Shareholders on 26 August 2016, is 322.1776 pence per Share.
Terms used and not defined in this announcement bear the meaning given to them in the Circular published by the Company dated 26 August 2016.
Stockdale Securities Limited
020 7601 6118
This information is provided by RNS