Withdrawal of Proposals


 

TIDMADRK 
 
RNS Number : 9184D 
Allianz Dresdr 2 Endw Policy TstPLC 
10 December 2009 
 

Allianz Dresdner Second Endowment Policy Trust plc (the "Company") 
10 December 2009 
WITHDRAWAL OF PROPOSALS FOR THE RECONSTRUCTION AND CONTINUATION OF THE COMPANY, 
ADJOURNMENT OF FIRST EGM AND CONFIRMATION THAT SECOND EGM WILL BE HELD 
Withdrawal of Proposals 
Further to the announcement made on 19 November 2009 regarding the proposals for 
the reconstruction and continuation of the Company (the "Proposals"), the Board 
announces that the required conditions have not been satisfied and the Proposals 
will not therefore be implemented. 
As previously announced, your Board concluded that the Company would require net 
assets of between GBP30 million and GBP50 million (before deduction of the costs 
and expenses of the Proposals) in order to maintain a viable size following 
implementation of the Proposals.  However, insufficient commitments or 
applications were made under the Placing and Offer for Subscription to enable 
the Company to have at least GBP30 million of net assets (before deduction of 
the costs and expenses of the Proposals) after satisfaction of those elections 
and the Proposals will not therefore be implemented. 
2009 Shares will not therefore be reclassified as A Ordinary Shares and Ordinary 
Shares and the listing of the 2009 Shares on the Official List will not be 
amended. 
First EGM 
The First EGM of the Company will be held at 9.30 a.m. on 14 December 2009 at 
the offices of Dickson Minto W.S., 6th Floor, Royal London House, 22/25 Finsbury 
Square, London EC2A 1DX. However, the Resolution will not be put to a vote at 
the First EGM and the First EGM will be adjourned indefinitely. 
Second EGM 
As the conditions to the implementation of the Proposals have not been satisfied 
and the Proposals will not be implemented, a special resolution will be proposed 
at the Second EGM of the Company to be held at 9.30 a.m. on 18 December 2009 at 
the offices of Dickson Minto W.S., 6th Floor, Royal London House, 22/25 Finsbury 
Square, London EC2A 1DX to voluntarily wind-up the Company. 
The special resolution to be proposed at the Second EGM requires the approval of 
at least 75 per cent. of the votes cast on that resolution. In accordance with 
the articles of association of the Company (the "Articles"), the vote on that 
resolution will be conducted on a poll. However, weighted voting rights apply 
under the Articles so that the resolution will be passed regardless of how 
shareholders vote. Full details of the Proposals and the resolution to be 
proposed at the Second EGM are set out in the Circular. 
As explained in the Circular, it is intended that the 2009 Shares will be 
suspended from listing on the Official List of the UK Listing Authority and from 
trading on the London Stock Exchange's main market for listed securities at 7.30 
a.m. on 18 December 2009 and the listing of those shares will be cancelled on 21 
December 2009. 
All enquiries: 
Simon White/Peter Ames, RCM (UK) Limited 
Tel: 020 7859 9000 
Nathan Brown, Numis Securities Limited 
Tel: 020 7260 1000 
Douglas Armstrong, Dickson Minto W.S. 
Tel: 020 7649 6823 
Dickson Minto W.S., which is authorised and regulated by the Financial Services 
Authority, is the sponsor and solicitor to the Company and Dickson Minto W.S. is 
acting exclusively for the Company and for no-one else in connection with the 
Proposals and the contents of this announcement and will not be responsible to 
anyone other than the Company for providing the protections afforded to clients 
of Dickson Minto W.S., or for affording advice in relation to the Proposals or 
the contents of this announcement or any matters referred to herein. 
Numis Securities Limited, which is authorised and regulated by the Financial 
Services Authority, is acting for the Company and for no-one else in connection 
with the Proposals and the contents of this announcement and will not be 
responsible to any other person for providing the protections afforded to its 
clients nor for affording advice in relation to such matters. 
Definitions 
Capitalised terms used in this announcement and not otherwise defined herein 
shall have the meanings given in the circular published by the Company on 19 
November 2009. 
END 
 
 
 
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