Result of Elections
15 Junho 2010 - 5:56AM
UK Regulatory
TIDMFUS
RNS Number : 6267N
F&C UK Select Trust PLC
15 June 2010
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART INTO
THE
UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN
15 June 2010
F&C UK Select Trust PLC
RESULT OF SHAREHOLDER ELECTIONS,
RECLASSIFICATION OF ORDINARY
SHARES
AND
SUSPENSION OF RECLASSIFIED SHARES
Result of Elections under the Scheme
Further to the announcement of recommended proposals for the reconstruction and
winding-up of F&C UK Select Trust plc (the "Company") made on Thursday, 22 April
2010, the Directors announce that the result of Elections under the Scheme is as
follows:
- Elections for the Cash Option were made in respect of 42,223,925
Shares; and
- Elections for the UKOF Option were made in respect of 7,056,036
Shares.
Reclassification of Shares
As a result of the Elections referred to above, 42,223,925 Ordinary Shares will
be reclassified as Shares with "Cash" rights and 7,056,036 Shares will be
reclassified as Shares with "UKOF" rights with effect from 6.00 p.m. on Monday,
21 June 2010.
Applications have been made to the UK Listing Authority and the London Stock
Exchange for the listing in respect of the Shares to be amended to provide for
the listing of the Reclassified Shares. It is expected that such amendment will
become effective from 7.30 a.m. on Tuesday, 22 June 2010 and that dealings in
the Reclassified Shares will commence with effect from 8.00 a.m. on Tuesday, 22
June 2010.
LAV per Share
With effect from 6.00 p.m. on Friday, 11 June 2010, the Company's undertaking,
cash and other assets (after taking into account the F&C Cost Contribution) have
been allocated to the Liquidation Fund, the Cash Fund and the UKOF Fund on the
basis described in the circular to the Company's shareholders dated 30 April
2010 (the "Circular"). Accordingly, as at 6.00 p.m. on Friday, 11 June 2010 the
LAV per Reclassified Share was 84.26p.
The LAV per Reclassified Share may change materially at the date on which the
Scheme becomes effective (being Wednesday, 23 June 2010) as a result of, among
others, changes in the value of the Company's investments. Furthermore, as it
is intended that the assets appropriated to the Cash Fund will, be realised
prior to the Effective Date, the LAV of a Share with "Cash" rights and the LAV
of a Share with "UKOF" rights may diverge over that period to the Effective
Date. The LAV per Share with "Cash" rights and the LAV per Share with "UKOF"
rights for the purpose of calculating entitlements under the Scheme is expected
to be announced on Wednesday, 23 June 2010.
In view of the allocations to the Funds, the Company has ceased, with immediate
effect, daily announcements of the NAV per Share.
Suspension of Reclassified Shares
It is expected that the listing of the Reclassified Shares will be suspended at
7.30 a.m. on Wednesday, 23 June 2010.
General
The Company confirms that it has completed the sale of its entire holding in its
unlisted investment, Caithness Petroleum Limited, and that it is in receipt of
the sale proceeds.
The Proposals remain conditional on the passing of the special resolution for
the winding-up of the Company, which will be proposed at the general meeting of
the Company convened for Wednesday, 23 June 2010. The Proposals will not become
effective unless that resolution is passed.
Enquiries
+-----------------+------------+---------------+
| Mike | F&C | T: |
| Woodward/Martin | Asset | 0207 628 8000 |
| Cassels | Management | |
| | plc | |
+-----------------+------------+---------------+
| Sue | Canaccord | T: 020 |
| Inglis | Genuity | 7050 6779 |
| | Limited | |
+-----------------+------------+---------------+
Notes
Unless the context otherwise requires, terms used in this announcement shall
bear the meanings given to them in the Circular.
Canaccord Genuity Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting for F&C UK Select Trust
plc and no-one else in connection with the Proposals and will not be responsible
to anyone other than F&C UK Select Trust plc for providing the protections
afforded to customers of Canaccord Genuity Limited or for providing advice in
relation to the Proposals, the contents of this announcement or any other matter
referred to in this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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