Result of EGM
22 Novembre 2004 - 6:45PM
UK Regulatory
PRIVATE INVESTORS CAPITAL TRUST PLC (IN MEMBERS' VOLUNTARY LIQUIDATION) ("PICT"
OR THE "COMPANY")
RESULTS OF SECOND EXTRAORDINARY GENERAL MEETING OF THE COMPANY RELATING TO
SCHEME OF RECONSTRUCTION
An extraordinary general meeting of PICT was held today, at which resolutions
to wind up the Company voluntarily, to appoint liquidators of PICT and to
approve certain related administrative matters were passed. Accordingly, the
scheme for the reconstruction and liquidation of the Company under section 110
of the Insolvency Act 1986 described in the circular to shareholders of PICT
dated 15 October 2004 (the "Scheme") has now become effective.
The listing of the PICT shares in the Official List of the UK Listing Authority,
and dealings in PICT shares on the London Stock Exchange, were suspended at 7.30
a.m. today.
Under the Scheme:
- holders of the issued share capital of the Company who have validly elected
(or been deemed to elect) to roll over their holding in PICT into units ("MEF
Units) in CF Stewart Ivory Managed Equity Fund (the "MEF Option") will receive
for every 100 PICT Shares in respect of which such an election was made 155.97
MEF Units;
- holders of PICT's issued share capital who have validly elected to roll
over their holding in the Company into new shares ("New PAT Shares") in
Personal Assets Trust plc (the "PAT Option"), will receive for every 100 PICT
Shares in respect of which such election was made 1.5018 New PAT Shares.
However, fractions of New PAT Shares will not be issued and instead Shareholders
will receive a cheque for the value of any fractional entitlement over �3.00;
and
- holders of the issued share capital of the Company who elected (or have
been deemed to elect) for an amount in cash equivalent to their entitlement
under the Scheme (the "Cash Option"), will receive for each PICT Share in
respect of which such election was made �3.3180.
PICT Shareholders who elected for the MEF Option and/or the PAT Option will
receive written confirmation of the number of MEF Units and/or New PAT Shares
respectively, issued to them. Such confirmations are expected to be despatched
during the course of this week. Distribution of cash entitlements under the
Cash Option are also expected to be despatched this week.
The special and extraordinary resolutions, passed at the extraordinary general
meeting of PICT held today, have been lodged with the UK Listing Authority.
They will shortly be available for viewing through the UK Listing Authority's
Document Viewing Facility at The Financial Services Authority, 25 The North
Colonnade, Canary Wharf, London E14 5HS.
Enquiries:
Gareth Morris RSM Robson Rhodes LLP 020 7865 2488
Richard Ramsay Intelli Corporate Finance Limited 020 7653 6300
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