TIDMABR
RNS Number : 0044C
Absolute Return Trust Limited
01 March 2011
Absolute Return Trust Limited
Share Switching Notice
Absolute Return Trust Limited (the "Company") has a share
switching scheme to provide shareholders with the ability to
convert some or all of their shares in the Company of one class
into shares of another class ("Share Switching Scheme"). This
facility only applies in respect of Sterling Shares and Euro Shares
and does not allow for shareholders to switch from or into any
currency class of C Shares.
The next Switch Calculation Date is 31 March 2011. Shareholders
are able to convert shares on 31 March, 30 June, 30 September and
31 December in each year or such other dates as the directors of
the Company (the "Directors") shall determine from time to time
(each a "Switch Calculation Date").
In accordance with the articles of association of the Company
("Articles"), switching notices from shareholders wishing to
convert shares must be provided to the Company by 5.00pm Guernsey
time at least 5 business days before the relevant Switch
Calculation Date. However to allow switching requests to be
processed by 5.00pm they will need to be received by the Company's
registrar by 3.00pm GMT 5 business days before the relevant Switch
Calculation Date.
For the next Switch Calculation Date, notices must therefore be
submitted to Computershare Investor Services PLC (further details
are below) by 3.00p.m. GMT on 24 March 2011.
Each conversion will be on the basis of the ratio of the net
asset value of the class of shares in the Company to be converted
(less the costs of effecting such conversion) ("Original Shares")
to the net asset value of the class of shares into which they will
be converted ("New Shares") as detailed below.
For the purposes of the conversion calculation:
-- the Company will use the month end net asset value figures as
at each Switch Calculation Date. The Company publishes month end
net asset value figures for each class of shares approximately 4
weeks after the end of the relevant month and therefore investors
will be submitting their switching notice prior to the relevant net
asset value figures being ascertained.
-- the month end net asset value in the currency of the Original
Shares will be converted into the currency of the New Shares using
the rate of exchange prevailing between the two relevant currencies
at close of business on the Switch Calculation Date.
Each conversion will be effected by way of redesignation of
shares of one class into shares of another class, or in any such
other manner as the Directors may determine. If, as a result of the
conversion, the number of New Shares to which a shareholder becomes
entitled is more than the number of Original Shares held,
additional New Shares will be allotted. Similarly if the number of
New Shares to which a shareholder becomes entitled is less than the
number of Original Shares held, an appropriate number of Original
Shares will be cancelled.
In performing the conversion calculation, fractions of shares
will be rounded down. The Directors may also make any adjustments
to the net asset value per share of the New Shares or the Original
Shares to reflect such amount as they may reasonably determine
should be charged to the holder of the Original Shares to meet the
costs of conversion. As a result of the above factors:
-- the aggregate value of any New Shares received by a
shareholder on conversion (taking into account the currency
conversion) may be less than the aggregate value of the Original
Shares; and
-- the aggregate number of votes on a poll at a general meeting
of the Company to which a shareholder is entitled in respect of any
New Shares may be less than the number of votes to which such
shareholder was entitled by the Original Shares.
Shareholders should note that, as the performance fee payable to
the manager of the Company is charged on a class by class basis,
New Shares may be subject to a different high water mark for the
purposes of calculating such fee than applied to the Original
Shares. This may be to a Shareholder's disadvantage in certain
circumstances (e.g. where the high water mark of the New Shares is
lower than the high water mark of the Original Shares). New Shares
may also be subject to different administrative costs than the
Original Shares as such costs are allocated and charged on a class
by class basis.
Shareholders who elect to convert will be unable to deal in the
New Shares or the Original Shares in the period between giving
notice of switching and the actual date of conversion, which may be
up to 35 business days or longer thereafter.
Further to their powers under the Articles, the Directors may,
in their absolute discretion, decline to convert shares if they
believe that such conversion is not in the best interests of the
Company.
SWITCHING INSTRUCTIONS
Shareholders wishing to participate in the Share Switching
Scheme on the 31 March 2011 Switch Calculation Date must do the
following by no later than 3.00pm on Thursday 24 March 2011:
(a) in the case of shares held in uncertificated form, send a
USE message to Computershare Investor Services PLC, using the CREST
information provided in Annex 1; and
(b) in the case of shares held in certificated form, complete
Annex 2 of this notice and return it along with the certificates
for the shares to be converted to Computershare Investor Services
PLC, Corporate Actions Projects, The Pavilions, Bridgwater Road,
Bristol BS99 6AH.
The date on which conversion shall take place shall be a date
determined by the Directors which is not expected to be more than
35 business days after 31 March 2011. Converting shareholders will
be notified upon the conversion taking place.
This notice is for information only. Any shareholder who is in
any doubt whether or not to convert is recommended to contact an
independent financial adviser.
Annex 1
USE instructions for conversions
A converting shareholder's USE instruction must be properly
authenticated in accordance with Euroclear UK & Ireland
Limited's specifications and must contain, in addition to the other
information that is required for settlement in CREST, the following
details:
1. the number of shares to be converted;
2. the participant ID of the holder of the Absolute Return Trust
Limited shares;
3. the member account ID of the holder of the Absolute Return
Trust Limited shares from which the current shares held are to be
debited;
4. the participant ID of the Registrar: 0RA34;
5. the member account ID of the Registrar, i.e.
to convert to Euro shares = ARTLEUR
to convert to Sterling shares = ARTLGBP
6. the corporate action number (which will be allocated by
Euroclear UK & Ireland Limited and can be found
by viewing the relevant corporate action details);
7. the corporate ISIN, i.e.
for Euro shares = GG00B29YCR78
for Sterling shares = GB00B05PYY10
8. the intended settlement date which must be on or before 3.00
p.m. on 24 March 2011;
9. input with a standard USE delivery instruction of priority
80; and
10. contact name and telephone number in the shared note
field.
In order for an uncertificated conversion to be valid, the USE
instruction must comply with the requirements as to authentication
and contents set out above.
CREST members and (where applicable) their CREST sponsors should
note that the latest time at which a USE instruction may settle is
3.00 p.m. GMT on 24 March 2011 (the CREST deadline for
settlement).
Click on, or paste the following link into your web browser, to
view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/0044C_-2011-2-28.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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