Statement re T2 Income Fund Limited


 
TIDMADU 
 
15 May 2009 
 
Advance UK Trust plc notes the announcement entitled "Requisition of 
EGM" made earlier today by T2 Income Fund Limited. 
 
To clarify the position the text of the letter sent on our behalf to 
the board of directors of T2 Income Fund Limited is set out below. 
 
The Board of Directors 
T2 Income Fund Limited 
PO Box 211, Regency Court 
Glategny Esplanade 
St Peter Port 
Guernsey, GY1 3NQ 
 
May 2009 
 
 
Dear Sirs, 
 
T2 Income Fund Limited (the "Company") 
 
We, the undersigned, being members  of the Company, acting on  behalf 
of Advance  UK Trust  PLC and  New Star  Asset Management  acting  on 
behalf of clients, holding in aggregate 11,275,000 ordinary shares of 
no par value in the Company ("Ordinary Shares") representing 26.2 per 
cent. of  the  issued  ordinary  share capital  of  the  Company  and 
comprising more than  one tenth  of the  total voting  rights of  all 
members having a right  to vote at  general meetings, hereby  require 
the directors of the Company: 
 
(a)    in accordance with Section 203 of the Companies (Guernsey) Law 
2008, to call a  general meeting of the  Company to consider and,  if 
thought fit, pass the following resolutions which are to be  proposed 
either as ordinary  resolutions or special  resolutions as stated  at 
such meeting: 
 
 
                        ORDINARY RESOLUTIONS 
THAT 
1)      William Harley Tozier be removed from office as a Director of 
the Company with immediate effect 
2)      Saul Barak Rosenthal be removed from office as a Director  of 
the Company with immediate effect 
3)      Patrick Francis Conroy be  removed from office as a  Director 
of the Company with immediate effect 
4)      Geoffrey Richard  Miller be  appointed as a  Director of  the 
Company with immediate effect 
 
                         SPECIAL RESOLUTION 
THAT 
5)      that  shareholders hereby  authorise the  Directors to  issue 
350,000 options exchangeable for ordinary  shares of no par value  in 
the Company  at a  price of  10 pence  per ordinary  share, any  such 
options to be exercised at any  time up to the second anniversary  of 
the passing  of this  resolution,  at which  point the  options  will 
expire worthless and 
 
                                                      i.         that 
250,000 of  these  options  be granted  to  Geoffrey  Richard  Miller 
conditional on his appointment as a Director of the Company 
 
                                                 ii.      that 50,000 
of these options be awarded  to Frederick Peter Forni conditional  on 
the approval of resolutions 1, 2, 3 and 4 above 
 
                                                iii.      that 50,000 
of  these  options  be  awarded  to  Patrick  Anthony  Seymour  Firth 
conditional on the approval of resolutions 1, 2, 3 and 4 above. 
 
(b)    to  circulate to  members,  entitled to  have notice  of  such 
general meeting sent  to them, a  statement in the  form attached  to 
this requisition  with respect  to  the matters  referred to  in  the 
resolutions referred to in (a) above. 
 
 
Yours faithfully, 
 
 
 
Member                    Number of Ordinary Percentage of issued 
                          Shares held        ordinary share 
                                             capital 
 
For and on behalf of      2,525,000          5.87% 
Nortrust Nominees Limited 
a/c AUK01 
 
For and on behalf of HSBC 
Global Custody Nominees 
(UK) Ltd 
a/c 732376                3,250,000          7.56% 
a/c 364903                2,250,000          5.23% 
a/c 936308                2,000,000          4.65% 
a/c 649549                1,250,000          2.91% 
 
 
 
 
 
Statement to the shareholders of T2 Income Fund Limited regarding the 
resolutions to be proposed at the general meeting 
 
               FIRST STEPS ON THE ROAD TO RECOVERY FOR 
                       T2 INCOME FUND LIMITED 
 
This statement has  been issued  on behalf  of certain  shareholders, 
holding in aggregate 26.2 per cent. of the issued share capital of T2 
Income Fund Limited ("the Company"), who have requisitioned a general 
meeting of the Company. 
 
We feel that the Chairman  has failed to communicate adequately  with 
shareholders regarding  the collapse  of  the Company's  share  price 
following the suspension of dividend payments last October. We  think 
other shareholders will agree with us  that every avenue needs to  be 
explored to address the dire situation that the Company finds  itself 
in. The Chairman has  failed to reassure  us that appropriate  action 
has been taken. We believe that any consideration of the way  forward 
for the  Company must  include  a review  of the  current  investment 
management arrangements  and therefore  it is  inappropriate for  the 
representatives of the investment manager to remain on the  Company's 
Board. 
 
We are  proposing that  the Chairman  is removed  as a  director,  Mr 
Rosenthal and  Mr  Conroy,  the  representatives  of  the  investment 
manager are removed as directors  and Geoffrey Miller is appointed  a 
director. 
 
We have confidence that Mr Miller  will prove to be a more  effective 
director than Mr Tozier. Mr Miller has confirmed that he is happy  to 
be appointed as  a director  of the Company.  He has  written to  the 
Company to confirm this and has  stated that there is no reason  why, 
under section 137  of the Companies  (Guernsey) Law 2008,  he is  not 
eligible to  be  a director  of  the Company.  He  is happy  to  meet 
shareholders in advance of the  general meeting and can be  contacted 
at the address given below. 
 
We feel that Mr  Miller and the other  remaining directors should  be 
incentivised to bring  about a  recovery in  the share  price of  the 
Company and accordingly we are proposing that they be granted options 
entitling them to buy shares in the Company at 10 pence per share,  a 
significant premium to the share price at the date of the drafting of 
this document. 
 
 
Geoffrey Richard Miller aged 43  has been involved in the  investment 
company industry for twenty two years as an analyst, fund manager and 
director. He is  a specialist  in the financial  sector, with  twenty 
years experience  in research  and fund  management in  the UK,  most 
recently as  Director,  Research at  Bridgewell  Securities  Limited, 
before moving offshore. After working for a major Russian bank he  is 
now an independent consultant and  a non-executive director of  Asset 
Management Investment Company PLC.  He is not resident in the UK. 
 
Contact: 
Geoff Miller +44 7785 374247 or +79 629 869471 
James Carthew, Progressive European Markets, manager of Advance UK 
Trust PLC +44 (0)20 75665531 
 
End 
 
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This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.
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