Result of EGM
31 Julho 2003 - 12:13PM
UK Regulatory
RNS Number:2022O
Smaller Companies Inv Trust PLC
31 July 2003
The Smaller Companies Investment Trust PLC
31 July 2003
Extraordinary General Meeting
The Board of Directors of The Smaller Companies Investment Trust PLC (the
"Company") announces that at an extraordinary general meeting of the Company
held today, the resolutions relating to the scheme of reconstruction (the
"Scheme") announced on 7 July 2003 and the related party transaction were
approved by shareholders. Implementation of the Scheme is conditional inter alia
upon approval by the Company's shareholders of the resolutions to be proposed at
the second extraordinary general meeting to be held on 8 August 2003 (the
"second EGM").
Results of Elections
Valid elections or deemed elections under the scheme of reconstruction were
received as follows:
* holders of 947,339 ordinary shares in the Company ("Shares) elected (or
were deemed to have elected) to receive units in Aberdeen UK Emerging
Companies Unit Trust ("Aberdeen UKEC")
* holders of 3,633,450 Shares elected to receive shares in Value Catalyst
Fund Limited ("VCF")
* holders of 9,408,268 Shares elected to receive a cash distribution under
the immediate cash option
* holders of 6,873,744 Shares elected (or were deemed to have elected) for
the realisation option.
The Company's ordinary share capital will be reclassified with effect from
admission of the reclassified shares to the Official List and to trading on the
London Stock Exchange becoming effective by reference to the elections made or
deemed to be made by shareholders, with those Shares elected for units in
Aberdeen UKEC being reclassified as Shares with "A" rights, those Shares elected
for shares in VCF being reclassified as Shares with "B" rights, those Shares
elected for the cash distribution under the immediate cash option being
reclassified as Shares with "C" rights and those Shares elected for the
redemption option being reclassified as Shares with "D" rights.
The elections relating to the VCF option may be subject to scaling back if,
following calculation of shareholders' entitlements, shares equalling 10% or
more of VCF's then existing share capital would be required to be issued to meet
the elections set out above. In such circumstances, shareholders who are subject
to such scaling back will be deemed to have elected for the redemption option in
respect of the excess shares.
Entitlements
Shareholder's entitlements pursuant to the Scheme will be announced by the
Company in due course following the second EGM. Assuming that the Scheme is
approved it is expected that units in Aberdeen UKEC will be issued to the
relevant shareholders by close of business on 11 August and shares in VCF will
be allotted on 12 August. Cheques in respect of cash distributions under the
immediate cash option will be posted to the relevant shareholders by 15 August.
Listing of Reclassified Shares
In accordance with the terms of the Scheme, application will be made to the UK
Listing Authority and the London Stock Exchange for the reclassified shares to
be admitted to the Official List on 7 August 2003. Listing of and dealings in
the reclassified shares is expected to be suspended at 5pm on 7 August 2003.
Second Extraordinary General Meeting
The second EGM will be held at 9.30am on 8 August 2003. At this meeting a
special resolution will be proposed for the winding-up of the Company and the
appointment of liquidators, and an extraordinary resolution will also be
proposed to confer appropriate powers on the liquidators.
Enquiries:
William Hemmings 020 7463 6000
Aberdeen Asset Management
Robert Hoskin 020 7463 6000
Aberdeen Asset Management
David Benda 020 7621 5562
Close Brothers Securities
Close Brothers Securities (a division of Winterflood Securities Limited), which
is regulated by the Financial Services Authority, is acting for the Company and
for no-one else in connection with the contents of this announcement and will
not be responsible to anyone other than The Smaller Companies Investment Trust
PLC for providing the protections afforded to customers of Close Brothers
Securities, or for affording advice in relation to the contents of this
announcement or any matters referred to herein.
This information is provided by RNS
The company news service from the London Stock Exchange
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