IAES Impax Asian Sub

TIDMIAEM TIDMIAES

RNS Number : 7597D

Impax Asian Environmental Mkts Plc

01 May 2013

Impax Asian Environmental Markets plc - Reconstruction Proposals

The Board of Impax Asian Environmental Markets plc (the "Company") announced on 17 April 2013 that it was considering proposals to put to its Shareholders regarding the future of the Company. Having canvassed the opinions of its largest Ordinary Shareholders, and following a review of all the options available, the Board has determined that the most appropriate course of action would be to wind up the Company and offer Ordinary Shareholders the choice of rolling over all or part of their investment into Impax Asian Environmental Markets (Ireland) Fund ("IAEMI"), a sub-fund of an open-ended investment entity managed by Impax Asset Management with a broadly identical investment policy to that of the Company, or realising all or part of their investment for cash.

It is anticipated that a circular will be sent to Shareholders in approximately six weeks' time setting out the full terms of the proposals, and convening general meetings of the Company at which approval will be sought from Shareholders for implementation of the proposals and for the Company to be placed into liquidation. All proposals are subject to approval from Shareholders, and the inclusion of IAEMI as a rollover vehicle is subject to completion of the necessary due diligence by the Board and its advisers, and receipt of the requisite tax clearance from HMRC.

While it is not proposed to realise all of the holdings in the Company's portfolio at this stage, it is anticipated that at least half of the Company's net assets will be held in cash or near cash assets by the time of the first general meeting of Shareholders. The Board has also asked the Company's Investment Manager to begin to realise the less liquid stocks in the Company's portfolio in an orderly fashion.

Subscription Shareholders will be entitled to receive an amount out of the assets available in the liquidation as calculated pursuant to Paragraph 3(h) of the Terms and Conditions of the Subscription Shares. For the avoidance of doubt, this announcement constitutes the first announcement of the proposed convening of a meeting at which a resolution for the winding-up of the Company will be considered for the purposes of Paragraph 3(h)(i) of the Terms and Conditions of the Subscription Shares.

A further announcement giving full details of the proposals will be made in due course at the time of publication of the circular to Shareholders.

Enquiries

   Allan McKenzie                                020 7490 4355 

Chairman

   David Yovichic                                  020 7523 8361 

Canaccord Genuity

This information is provided by RNS

The company news service from the London Stock Exchange

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