Eppley Limited-owned Eppley Fund Managers Limited (EFM) is set to launch 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.

It is a separate and distinct segregated cell from the Eppley Caribbean Property Fund Limited SCC – Value Fund, which currently trades on the Jamaica Stock Exchange under the symbol CPFV.

OFFER TO BE OPENED FOR ACCEPTANCE

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 represents a 24 per cent premium to the last traded share price of $0.17 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 shareholders in the development fund from January 27, 2023 until 3:00 pm (Barbados time) on March 27, 2023.

In speaking about the tender offer, 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 use all of its resources to drive shareholder returns across all of its investment platforms.” 

According to Eppley, the offer has been made in accordance with the takeover regulations in Barbados.

The Takeover Bid Circular and the Form of Acceptance and Transfer in relation to the offer will be sent to shareholders in the development fund and copies may be downloaded from Eppley’s website at www.eppleylimited.com on Friday (January 27).