ARF Aim Realisation

 

TIDMARF 
 
RNS Number : 6344O 
AIM Realisation Fund Limited 
11 March 2009 
 

 
 
 
 
AIM Realisation Fund Limited 
(the "Company") 
 
 
Recommended proposals for the voluntary winding up of the Company 
 
 
Introduction 
The Board of the Company is today posting a Circular to Shareholders convening 
an EGM of the Company to be held at 10.30 a.m. on Friday 3 April 2009 to approve 
the voluntary winding up of the Company. 
 
 
Background to the Proposals 
 
 
The Company's capital structure was designed to facilitate the progressive 
return of capital to its investors as portfolio investments were realised. To 
date, some GBP17.7 million has been returned to Shareholders. The Manager has 
now realised the balance of the Company's investment portfolio. The stated 
policy of the Company was not to re-invest the proceeds of realisations in 
equity securities but to return any surplus cash to Shareholders. Accordingly, 
the Board is now seeking Shareholder approval for the Company to be placed into 
liquidation and the balance of the Company's assets available for distribution 
to be paid out to Shareholders. 
 
 
Priority on a Winding Up 
 
 
In a winding up, to the extent that there are sufficient assets available for 
distribution, the holders of Redeemable Preference Shares are entitled to 
receive 100p per Redeemable Preference Share held by them in priority to the 
holders of all other shares of the Company. 
 
 
In a winding up, the holders of Ordinary Shares are entitled to receive any net 
assets available for distribution after the payment of 100p in respect of each 
Redeemable Preference Share to holders of the Redeemable Preference Shares then 
outstanding. 
 
 
The Ordinary Shares and Redeemable Preference Shares will rank pari passu as to 
voting at the EGM. 
 
 
Liquidation of the Company 
 
 
On the basis of the unaudited Net Asset Value as at 9 March 2009, the assets of 
the Company available for distribution on liquidation would be approximately 
GBP2.03 million (which amount includes provision for the Liquidation Fund, 
including the estimated costs of the Proposals, but assumes the Retention is not 
utilised). Such net assets of the Company available for distribution would be 
equivalent to approximately 57.8p per Redeemable Preference Share (based upon 
3,516,800 Redeemable Preference Shares currently in issue). 
 
 
On the basis that there is expected to be insufficient assets available to repay 
the Redeemable Preference Share entitlement in full, the distribution to 
Ordinary Shareholders on a winding up of the Company will be nil. 
 
 
The Liquidators expect to make an initial capital distribution to Redeemable 
Preference Shareholders on the Register at the close of business on 3 April 2009 
on or by 11 May 2009. It is currently expected that the initial distribution 
will be of a sum equivalent to the Company's net assets (after provision for the 
Liquidation Fund). Based on the assumptions stated above, the Liquidators expect 
the initial distribution would be approximately 55.7p per Redeemable Preference 
Share in issue. 
 
 
Dealings 
 
 
Application will be made to AIM for dealings in both the Ordinary Shares and 
Redeemable Preference Shares to be suspended on AIM at 8.00 am on Friday 3 April 
2009. The Register will be closed at the close of business on Friday 3 April 
2009. 
Recommendation 
The Directors consider that the Proposals are in the best interests of the 
Company and the Shareholders as a whole. Accordingly, the Board unanimously 
recommends all Shareholders to vote in favour of the Resolution. 
 
 
Enquiries: 
 
 
Elysium Fund Management Limited 
No 1 Le Truchot 
St Peter Port 
Guernsey 
GY1 3JX 
 
 
Hugh Field 
Collins Stewart Europe Limited 
020 7523 8350 
 
 
The definitions used in this announcement are as set out in the Circular to 
Shareholders dated 11 March 2009. 
 
 
A copy of the Circular to Shareholders will be available shortly on the 
Company's website: 
www.aimrealisationfund.com. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCJMMATMMIBBFL 
 

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