ScotGems PLC
LEI Number:
549300GQHCPU9P1NYM13
12 May 2022
Company update
On 9 March 2022, the Board of
ScotGems PLC (the "Company") announced that it had received
notice to terminate the Alternative Investment Fund Management
Agreement dated 2 June 2017 from
First Sentier Investors (UK) Funds Limited, the Company's current
AIFM.
The Board has considered carefully the future of the Company
including reviewing a number of proposals made to the Board and
consulting with the Company’s largest shareholders. Throughout this
process the Board has taken into account the size of the Company,
the discount at which the Company's shares trade relative to net
asset value and the limited liquidity in the Company's shares.
The Board wants to ensure that all shareholders have an
opportunity to consider the future of the Company. Accordingly, it
will shortly convene a general meeting to consider an
ordinary resolution on whether the Company should continue. The
Board intends to continue consulting with shareholders and will
give its recommendation on the future of the Company prior to the
continuation vote. The Board has been considering all options for
the future of the Company, including a straightforward winding
up.
A further update will be provided in the next few weeks.
Enquiries:
Juniper Partners Limited
(Secretary)
0131 378 0500
Douglas Armstrong
Dickson Minto
(Sponsor)
020 7649
6823
Important Information
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it
forms part of UK Domestic Law by virtue of the European Union
(Withdrawal) Act 2018, as amended and supplemented ("UK
MAR") and is disclosed in accordance with the Company's
obligations under UK MAR. Upon the publication of this
announcement, this inside information will be considered to be in
the public domain.