Toro Limited
Results of issue
Toro Limited ("Toro" or the "Company") announces that it has issued 8,600,000 new Shares pursuant to the Placing Programme at a price of €1.022 per Share, raising gross proceeds of approximately €8.79 million.
Application has been made for the new Shares to be admitted to trading on the Specialist Funds Market of the London Stock Exchange and to listing and trading on the Official List of the Channel Islands Securities Exchange Authority Limited ("Admission") and it is expected that Admission will occur at 8.00 a.m. on 3 August 2015.
The proceeds of the issue will be used for investment in accordance with the investment policy and for general corporate purposes.
The placing is the second issue of new Shares under the Placing Programme. The terms and conditions of the Placing Programme are described in the prospectus dated 28 April 2015 (the "Prospectus").
Following this issue of Shares, the Company's issued share capital consists of 361,450,000 Shares. Accordingly, the total number of voting rights in the Company will be 361,450,000 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 and Transparency Rules.
About the Company
Toro, incorporated in Guernsey, is a closed-ended investment company and was admitted to trading on the Specialist Fund Market of the London Stock Exchange and to the Official List of the Channel Islands Securities Exchange Authority Limited on 8 May 2015.
The investment objective of Toro is to deliver an absolute return from investing and trading in Asset Backed Securities and other structured credit investments in liquid markets, and investing directly or indirectly in asset backed transactions including, without limitation, through the origination of credit portfolios. Toro continues and extends the credit strategy successfully managed by the Chenavari Financial Group since mid-2009 via its flagship fund Toro Capital IA and IB, whose shareholders voted to transition their holdings to Toro for its launch. www.torolimited.gg
About Chenavari
Chenavari is part of the Chenavari Financial Group, a specialist alternative asset management group focusing on European & Asian markets. With over 100 professionals and USD5.1 billion of assets under management, funds managed by Chenavari target investment strategies across Credit (Corporate and High yield, Financials, Credit Derivatives), Structured Finance (ABS, CMBS, Regulatory Capital) and Illiquid Opportunities (Private Debt, Real Estate, Consumer Finance, Private Equity). Chenavari Financial Group contains entities authorized and regulated by several regulators globally, including the UK FCA, the Luxembourg CSSF, the US SEC, the US CFTC and the Hong Kong SFC. www.chenavari.com
Enquiries:
Kirstie McLaren
Chenavari Investment Managers
Email: [email protected]
Telephone: +44 20 7259 3600
Robert Peel
Dexion Capital plc
Telephone: +44 20 7832 0900
IMPORTANT INFORMATION
This document has been issued by Toro, and should not be taken as an inducement to engage in any investment activity and is for the purpose of providing information about the Company. This document does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any share in the Company or securities in any other entity, in any jurisdiction, including the United States, Canada, Japan, South Africa nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction.
This document, and the information contained therein, is not for viewing, release, distribution or publication in or into the United States, Canada, Japan, South Africa or any other jurisdiction where applicable laws prohibit its release, distribution or publication, and will not be made available to any national, resident or citizen of the United States, Canada, Japan or South Africa. The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes must inform themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a violation of the federal securities law of the United States and the laws of other jurisdictions.
The shares issued and to be issued by the Company (the "Shares") have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States. The Shares may not be offered, sold, resold, pledged, delivered, distributed or otherwise transferred, directly or indirectly, into or within the United States, or to, or for the account or benefit of, US persons (as defined in Regulation S under the Securities Act). No public offering of the Shares is being made in the United States.
The Company has not been and will not be registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act") and, as such, holders of the Shares will not be entitled to the benefits of the Investment Company Act. No offer, sale, resale, pledge, delivery, distribution or transfer of the Shares may be made except under circumstances that will not result in the Company being required to register as an investment company under the Investment Company Act. Neither the U.S. Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the Shares or passed upon or endorsed the merits of the offering of the Shares or the adequacy or accuracy of the Company's prospectus. Any representation to the contrary is a criminal offence in the United States. In addition, the Shares are subject to restrictions on transferability and resale in certain jurisdictions and may not be transferred or resold except as permitted under applicable securities laws and regulations. Investors may be required to bear the financial risks of their investment in the Shares for an indefinite period of time. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdictions.
No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this document is accepted and no representation, warranty or undertaking, express or implied, is or will be made by the Company, or any of their respective directors, officers, employees, advisers, representatives or other agents ("Agents") for any information or any of the opinions contained herein or for any errors, omissions or misstatements. None of the Agents makes or has been authorised to make any representation or warranties (express or implied) in relation to the Company or as to the truth, accuracy or completeness of this document, or any other written or oral statement provided. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any, targets, estimates or forecasts contained in this document and nothing in this document is or should be relied on as a promise or
Unless otherwise indicated, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date.
All investments are subject to risk, including the loss of the principal amount invested. Past performance is no guarantee of future returns. All investments to be held by the Company involve a substantial degree of risk, including the risk of total loss. The value of shares and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. You should always seek expert legal, financial, tax and other professional advice before making any investment decision.
