Proposals re: future of the Company (3529E)
30 Maio 2012 - 3:00AM
UK Regulatory
TIDMCAEL
RNS Number : 3529E
Cazenove Absolute Equity Limited
30 May 2012
Cazenove Absolute Equity Limited
30 May 2012
Proposals regarding the future of the Company
On 14 May 2012 the Board announced the intention to put forward
proposals at the 2012 AGM regarding the continuation of the
Company. In accordance with the Company's articles of incorporation
the Board is required to put forward to the forthcoming AGM an
ordinary resolution that the Company should continue as an
investment company.
It is the Board's intention to recommend that shareholders vote
against continuation and, subject to such resolution being
defeated, to put forward proposals relating to the winding up
and/or reconstruction of the Company. Shareholders representing
approximately 60 per cent. of the issued share capital have
confirmed that they would follow the Board's recommendation and
vote against the continuation of the Company as an investment
company.
The investment approach set out at launch provided that the
Company can, at the discretion of the Investment Manager, hold cash
or equivalent instruments from time to time where this is
considered to be in the best interests of Shareholders. In light of
the expectation that the continuation vote will not be passed, the
Board has, on the advice of the Investment Manager, approved a
process of gradual portfolio realignment with immediate effect. The
Board accordingly expects that, in the period leading up to the
approval of the proposed winding up or reconstruction, the
portfolio will comprise a greater proportion of cash or equivalent
instruments than has previously been the case. It is proposed that
all future periodic announcements of the net asset value will
include an indication as to the proportion of the portfolio held in
cash or equivalent instruments.
A circular to shareholders setting out the notice of the 2012
AGM (and any other general meetings that may be required),
including the continuation vote and the winding up or
reconstruction proposals, will be sent out in or around late June.
A full announcement setting out details of the proposals noted
above will be made at that time.
Enquiries:
Corporate Broker
David Benda
Numis Securities Limited
Tel: 020 7260 1000
Company Secretary
Northern Trust International Fund Administration Services
(Guernsey) Limited
Tel: 01481 745381
This information is provided by RNS
The company news service from the London Stock Exchange
END
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