FOR IMMEDIATE RELEASE
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE REPUBLIC OF IRELAND), AUSTRALIA, CANADA, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO.
22 May 2020
EJF Investments Ltd ("EJFI" or the "Company")
Issue of equity and repurchase into treasury
The Company announces that on 22 May 2020 the Board of Directors approved the issue of 7,396,515 new Ordinary Shares (the "Repurchase Shares") to Numis Securities Limited, the Company's corporate broker, under the Placing Programme (as described in the Company's prospectus, dated 24 June 2019) at a price of 162 pence per Repurchase Share, being equivalent to the net asset value ("NAV") per Ordinary Share as at 30 April 2020, which is the Company's latest published NAV per Ordinary Share.
The Repurchase Shares will on Admission (as defined below) be immediately repurchased by the Company, at the same price (being the latest published NAV per Ordinary Share), to be held in treasury. The net cash position of the Company, following these transactions, will remain unchanged. The Repurchase Shares will only be sold from treasury at a premium to the prevailing NAV per share.
The Repurchase Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares. Application has been made to the London Stock Exchange for the Repurchase Shares to be admitted to trading on the Specialist Fund Segment of the London Stock Exchange's main market for listed securities ("Admission"). It is expected that Admission will become effective and dealings in the Repurchase Shares will commence at 8.00 a.m. on 28 May 2020.
Following Admission and the repurchase noted above, the number of Ordinary Shares that the Company has in issue will be 76,953,707 of which 15,808,509 Ordinary Shares will be held in treasury. The Ordinary Shares held in treasury will be available to be sold to meet ongoing market demand. The total number of voting rights of the Company will be 61,145,198 and this figure 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 interest in the Company, under the Disclosure Guidance and Transparency Rules.
For the Investment Manager
EJF Investments Manager LLC
Peter Stage / Hammad Khan / Matt Gill
+44 203 752 6775 / +44 203 752 6771 / +44 203 752 6774
For the Company Secretary and Administrator
BNP Paribas Securities Services S.C.A Jersey Branch
+44 1534 709 181 / +44 1534 813 996
For the Broker
Numis Securities Limited
+44 20 7260 1301
About EJF Investments Ltd
EJFI is a registered closed-ended limited liability company incorporated in Jersey under the Companies (Jersey) Law 1991, as amended, on 20 October 2016 with registered number 122353. The Company is regulated by the Jersey Financial Services Commission (the "JFSC"). The JFSC is protected by both the Collective Investment Funds (Jersey) Law 1988 and the Financial Services (Jersey) Law 1998, as amended, against liability arising from the discharge of its functions under such laws.
The JFSC has not reviewed or approved this announcement.
Investor information & warnings
The latest available information on the Company can be accessed via its website at www.ejfi.com. This communication has been issued by, and is the sole responsibility of, the Company and is for information purposes only. It is not, and is not intended to be an invitation, inducement, offer or solicitation to deal in the shares of the Company. The price and value of shares in the Company and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of shares in the Company. An investment in the Company should be considered only as part of a balanced portfolio of which it should not form a disproportionate part. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.