Menhaden PLC to distribute second cash payment in June

LONDON - Menhaden Resource Efficiency PLC, currently in Members Voluntary Liquidation, has announced that it will make a second cash distribution to shareholders amounting to 51 pence per share on June 4, 2025. This follows the company’s liquidation on March 26, 2025, and subsequent updates provided on April 9 and May 13. The upcoming distribution represents a payout of approximately £40 million.

As of today, the company’s Portfolio Manager has successfully liquidated all listed investments, generating net proceeds of £100 million after sales costs. Additionally, proceeds from the sale of a portion of an unlisted investment and income from other investments have contributed £3 million. These combined proceeds amount to a net value of £1.31 per share.

The Joint Liquidators have also arranged the sale of two unlisted investments, with the transactions expected to close by July 1, 2025. Negotiations for the sale of another unlisted investment are reportedly well advanced. Discussions are ongoing with potential buyers for the remaining unlisted investment, which the Joint Liquidators estimate could yield approximately £27 million in total. However, they caution that actual realizations may vary based on the offers received and the completion of sales.

Taking into account the anticipated proceeds from the unlisted investments, the Joint Liquidators project that the total return to shareholders during the liquidation will exceed £1.60 per share. This includes the initial distribution made on May 15, 2025, and the forthcoming payment in June.

A third cash distribution is anticipated to be declared after the sale of the unlisted investments but will proceed in the first two weeks of July 2025, irrespective of the sales’ progress. Currently, the Joint Liquidators are holding £20 million in reserve to cover unfunded contractual commitments, liquidation costs and expenses, and potential tax provisions. They expect that the funds set aside for unfunded capital commitments and tax will be released in time for the third distribution in July 2025.

The liquidation process is being managed by Joint Liquidators Derek Hyslop and Richard Barker from Ernst & Young LLP. This announcement is based on a press release statement provided by the company.

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