March 12 (Reuters) - Eildon Capital Ltd (EDC) : ANNOUNCES ITS...

March 12 (Reuters) - Eildon Capital Ltd (EDC) :

• ANNOUNCES ITS INTENTION TO TRANSITION FROM A COMPANY TO A STAPLED COMPANY AND TRUST STRUCTURE
• SHAREHOLDERS WILL RECEIVE ONE UNIT IN EILDON CAPITAL TRUST FOR EACH SHARE IN EILDON CAPITAL LIMITED.
• SHAREHOLDERS WILL RECEIVE ONE UNIT IN EILDON CAPITAL TRUST FOR EACH SHARE IN EILDON CAPITAL LIMITED.
• FOLLOWING RESTRUCTURE, CO WILL UNDERTAKE BUYBACK OF 4.55 MILLION SHARES AT UP TO NET TANGIBLE ASSETS VALUE
• THERE WILL BE NO CAPITAL REQUIRED FROM SHAREHOLDERS FOR RESTRUCTURE TO TAKE PLACE.
• WILL PROVIDE SHAREHOLDERS WITH LIQUIDITY BY WAY OF EQUAL ACCESS BUYBACK OF ABOUT 10% OF SHARES UP TO NTA, WHICH IS ABOUT $1.10/SHARE
• FOLLOWING RESTRUCTURE, IT IS INTENDED THAT TRUST WILL HOLD EXISTING AND NEW LOANS
• FOLLOWING RESTRUCTURE, CO WILL HOLD EXISTING DIRECT PROPERTY INVESTMENTS, CURRENTLY ABOUT 9% OF NET ASSETS
• ANY EXCESS FRANKING CREDITS CURRENTLY SITTING IN COMPANY WILL BE DISTRIBUTED AS PART OF RESTRUCTURE.