Result of EGM
09 Novembre 2004 - 4:01PM
UK Regulatory
PRIVATE INVESTORS CAPITAL TRUST PLC ("PICT" OR THE "COMPANY")
RESULTS OF THE FIRST EXTRAORDINARY GENERAL MEETING OF THE COMPANY RELATING TO
SCHEME OF RECONSTRUCTION
An extraordinary general meeting of the Company was held today (the "First EGM")
to approve the implementation of a scheme for the reconstruction and liquidation
of PICT under section 110 of the Insolvency Act 1986 described in the circular
to shareholders of PICT dated 15 October 2004 (the "Scheme"). The resolution
proposed at the First EGM (to amend the articles of association of PICT for the
purposes of the Scheme, to approve the Scheme and to authorise its
implementation by the directors of the Company and the Company's liquidators
(when appointed)) was passed. Proxies in favour of the resolution had been
received from shareholders representing 83.6% of the shares in the Company.
As at the close of business on 5 November 2004 (being the record date for
entitlements of PICT shareholders to make elections under the Scheme):
- holders of 26.6% of the issued share capital of the Company had elected (or
been deemed to elect) to roll over their holding in PICT into units in CF
Stewart Ivory Managed Equity Fund (the "MEF Option");
- holders of 13.3% of PICT's issued share capital had validly elected to roll
over their holding in the Company into new shares in Personal Assets Trust plc
(the "PAT Option"); and
- holders of 60.1% of the issued share capital of the Company had elected (or
been deemed to elect) for an amount in cash equivalent to their entitlement
under the Scheme (the "Cash Option").
The Scheme will not become effective until a special resolution is passed
placing PICT in members' voluntary liquidation. A second extraordinary general
meeting of PICT is to be held on Monday, 22 November 2004, at which such a
resolution will be proposed. A further announcement will be made following that
extraordinary general meeting which, assuming that the Scheme becomes effective,
will include details of the entitlements under the MEF Option, PAT Option and
Cash Option for each PICT ordinary share in respect of which a valid election
has been received.
Enquiries:
Isobel Hunter Adam & Company 0131 225 8484
Richard Ramsay Intelli Corporate Finance Limited 020 7653 6300
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