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Result of AGM
RNS Number : 0004M
CVC Credit Partners European Opps.
18 May 2022
 

18 May 2022

 

CVC Credit Partners European Opportunities Limited

(a closed-ended investment company incorporated in Jersey with registration number 112635)

Registered Office: IFC 1, The Esplanade, St Helier, Jersey, JE1 4BP

 

 

Results of Annual General Meeting

 

On 22 April 2022, the Company published a notice of Annual General Meeting, which proposed, inter alia, making certain changes that it believed would increase the Company's appeal to both existing shareholders and new investors, while leveraging the extensive investment capabilities of the investment vehicle in which the Company is invested (the "Investment Vehicle") and the Investment Vehicle's investment manager.

 

In particular, the following key matters were proposed :

 

•     amend the investment policy to increase the restriction on allocation to collateralised loan obligation securities from 7.5% to 20%;

•     change the name of the Company to CVC Income & Growth Limited;[1]

•     change the structure of the tender facility, moving from a quarterly to a semi-annual structure with a 25% annual limit and a 15% semi-annual limit, instead of a 50% annual limit and 24.99% quarterly limit as in previous years[2]; and

•     change the frequency of the currency conversion mechanism from monthly to semi-annual.[3] 

 

The directors are pleased to announce that, at the Annual General Meeting held earlier today, all proposed resolutions were duly passed. Full results are available on the Company's website www.ccpeol.com. A further announcement concerning distribution policy will be made in due course.

 

The full text of the resolutions can be found in the Notice of Annual General Meeting dated 22 April 2022, copies of which are available for viewing at the National Storage Mechanism and on the Company's website.

 

Enquiries:

 

BNP Paribas Securities Services  S.C.A. Jersey Branch

+44 (0) 1534 813873

 

 


[1] - a further announcement will be made on the date when the name change is formally registered by the Jersey Registrar of Companies;

 

[2] Future Contractual Semi-Annual Tenders will be conducted on a semi-annual basis by reference to the NAV as at 31 March for a Contractual Semi-Annual Tender settling in the first half of the calendar year, or 30 September for a Contractual Semi-Annual Tender settling in the second half of the calendar year. The two Contractual Semi-Annual Tenders for the forthcoming 12 month period will be conducted by reference to the net asset value as at 30 September 2022 and 31 March 2023, respectively. Please refer to the Tender Circular for the full timetable, available at www.ccpeol.com.

 

[3] Today is the final date to elect for the June 2022 share conversion. Thereafter, the semi-annual currency conversion mechanism will take effect, first operating with the July 2022 share conversion.

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