19 March 2025
BAILIWICK INVESTMENTS LIMITED
(“Bailiwick”, the “Fund” or the “Company”)
Portfolio & Dividend Update
Portfolio Update
The Board of Directors is pleased to announce that the Company has completed a £5m investment into CI Hospitality Limited (“CIHL”), as part of a consortium of local investors, for the purposes of acquiring Randalls. Bailiwick holds a 27.4% interest in CIHL.
Randalls owns and manages more than 20 pubs, restaurants, hotels and shops across Guernsey, Alderney and Sark, as well as brewing, distilling and supplying some of the Bailiwick’s most popular drinks.
There has been significant investment into the Randalls’ portfolio under the previous ownership and the new consortium is excited to build on this further.
Dividend Update
In an announcement made on 2 December 2024, the Board advised that the Company had received a dividend of £11.72 million from its investment in SandpiperCI Group Limited. The Board, alongside the Investment Manager, was actively considering investment opportunities and looked forward to declaring a special distribution by way of a tender offer to all shareholders in the first quarter of 2025.
The Board wishes to assure shareholders that it remains committed to this distribution, albeit this will now take place in April, immediately following the publication of the Company’s annual report and audited financial statements for the financial year ending 31 December 2024. The Board expects the total distribution to be equivalent to c. 22.5 pence per share if taken up in full by shareholders.
The tender offer will give all shareholders the opportunity (but not the obligation) to sell up to a stated portion of their shares for the Company to purchase at a specified price. It is anticipated that shareholders will be able to tender additional shares if they wish to do so and if other holders do not elect to participate in the tender offer. Any shares acquired by the Company pursuant to the tender offer will be cancelled. Further information will be made available to shareholders in due course.
The Board and the Investment Manager continue to work to take advantage of opportunities to divest of certain of the Company’s assets at an attractive price, whilst also pursuing potential new investments like CIHL, with the aim of providing further diversification within the Company’s portfolio and achieving future value for the Company’s shareholders. The Board remains open to the possibility of making additional distributions later in the year and will provide further updates as appropriate.
Enquiries:
Ravenscroft Corporate Finance Limited ir@ravenscroftcapital.com (Investment Manager) +44 (0)1481 735340