Eppley Limited, the wholly-owned subsidiary of Eppley Fund Managers Limited, is launching a tender offer to purchase shares of the Eppley Caribbean Property Fund Limited SCC – Development Fund.
The Development Fund currently trades on the Barbados Stock Exchange and the Trinidad and Tobago Stock Exchange under the symbol “CPFD”.
The Development Fund is a separate and distinct segregated cell from the Eppley Caribbean Property Fund Limited SCC – Value Fund, which currently trades on Jamaica Stock Exchange under the symbol “CPFV”.
Justin Nam, Eppley’s general manager said: “Eppley’s offer to purchase a large volume of Development Fund shares at a significant premium will provide the market with liquidity and unlock significant value for our shareholders. The tender offer demonstrates Eppley’s confidence in the underlying value of the Development Fund’s assets. Finally, it highlights Eppley’s commitment to using all of its resources to drive shareholder returns across all of its investment platforms.”
Under the terms of the tender offer, EFM, which is the investment manager of the Development Fund, will offer to purchase a minimum of 20 per cent and up to a maximum of 60 per cent of the Development Fund shares at a price of $0.21 Barbados currency per share (the “Offer Price”).
The Offer Price represents a 24 per cent premium to the last traded share price of $0.17 in Barbados currency and a 34 per cent premium to the average share price of the Development Fund shares over the last 12 months.
The offer will be open for acceptance by Development Fund shareholders from January 27, 2023, until 3 pm (Barbados time) on March 27, 2023.
The offer is in accordance with the takeover regulations in Barbados.
