Statement re Proposed Reconstruction and Voluntary Winding Up
01 Juin 2010 - 5:45PM
UK Regulatory
TIDMTOPU
MW TOPS Limited (the "Company")
Proposed Reconstruction and Voluntary Winding Up
The consultation process with shareholders that was announced on 22 April 2010
has now concluded. As a result of the feedback received from shareholders, the
Board of the Company has resolved that all shareholders will be asked to vote at
the forthcoming AGM in July 2010 on proposals to roll their existing holdings in
the Company into an Irish-domiciled UCITS fund (the "UCITS Fund") and to wind up
the Company (together, the "Proposals"). It will be proposed that those
shareholders not eligible to invest in the UCITS Fund will not receive shares of
the UCITS Fund but will instead receive cash proceeds once any applicable
anti-money laundering checks have been satisfied.
The UCITS Fund, which is managed by the Company's investment manager, is
European equities-focused and utilises the TOPS investment process. The UCITS
Fund offers weekly dealings in its shares, which are issued and redeemed at its
prevailing net asset value per share.
It is expected that the circular relating to the Proposals and the other AGM
business will be posted to shareholders by the end of June 2010. The circular
will contain full details of the Proposals.
The Proposals will require the approval of 75 per cent of the votes cast at all
of the separate class meetings of the Company (for the Euro Shares, Sterling
Shares and US$ Shares) and also at the AGM immediately following these class
meetings.
If the Proposals are approved, it is expected that the reconstruction of the
Company and the commencement of the winding-up process will take effect in early
September 2010. If the Proposals are not approved (at any of the four
shareholder meetings referred to above), the Company will not be wound up, and
will continue in operation in accordance with the articles of the Company.
This document is for information purposes only and is not an offer to
invest. The Company is registered with the Dutch Authority for the Financial
Markets as a collective investment scheme which may offer participations in The
Netherlands pursuant to article 2:66 of the Financial Markets Supervision Act
(Wet op het financieel toezicht). All investments are subject to risk. Past
performance is no guarantee of future returns. Prospective investors are
advised to seek expert legal, financial, tax and other professional advice
before making any investment decision. The value of investments may fluctuate.
For further information about this announcement contact:
Anson Fund Managers Limited
Secretary
Tel: +44 (0)1481 722260
Marshall Wace LLP
Greg Saffer - Investor Relations
Tel: +44 (0)207 316 2271
Tuesday 1 June 2010
E&OE - in transmission
END OF ANNOUNCEMENT
[HUG#1420754]
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