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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Taiwan I.T | LSE:TWI | London | Ordinary Share | GB0008726076 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS No 5590n TAIWAN INVESTMENT TRUST PLC 16 July 1999 Taiwan Investment Trust PLC("the Company") announces that, prior to taking account of the cost of realisation of the Company's portfolio in order to meet elections by Shareholders for the Redemption Option the undiluted net asset value was 113.5p at the close of business on 15th July 1999. This apparent reduction in net asset value is partly due to the stock market fall in Taiwan and partly due to the situation described below. Shareholders and Warrantholders should be aware that part of this reduction in undiluted net asset value is for technical reasons relating to the Scheme and that additional value will be available to them as described below. The Residual Net Value prior to deduction of the amount due to Warrantholders was 106.9p per share. After deduction of the maximum amount due to Warrantholders the Residual Net Asset Value was 102.1p. Based on these figures, the average price of a Warrant for the 10 dealing days before adjustment cannot exceed approximately 24.0p in order for the condition precedent under the Scheme to be met. The reduction in the undiluted net asset value is due to certain of the Company's assets being unavailable for sale or transfer at the time of the expected winding up of the Company on 27th July 1999. These assets represent bonus shares in Taiwanese companies that have not yet been delivered to the Company and will, therefore, be unavailable for sale or transfer on the winding up date. As at today, the value of these assets is approximately #6.0 million. In Taiwan it is common practice for companies to issue shares by way of bonus issues and in lieu of dividends. The new shares are deliverable within eight weeks of their being declared ex and are then available for sale. The Company, after consultation with its advisors and the liquidators, has decided to write these investments down to nil value for the purposes of the Scheme and pass them across to the Taiwan Portfolio of Jupiter Tyndall Global Fund or the liquidator at nil value at the time of the winding up of the Company. Jupiter Tyndall Global Fund or the liquidator, as appropriate, will sell these assets as they become available and it is expected that further shares in the Taiwan Portfolio of Jupiter Tyndall Global Fund or an interim cash distribution equivalent to the total value of these assets will be made to Ordinary shareholders and Warrantholders by the end of September 1999. In the event that other Taiwanese companies held by the Company issue such shares, a similar approach will be adopted. The immediate effect of this action is to reduce the undiluted net asset value by 10.7p per Ordinary share and the Residual Net Asset Value by 9.7p per Ordinary share. The average price of the Warrant for the 10 dealing days before adjustment cannot exceed approximately 24.0p in order for the condition precedent under the Scheme to be met. This compares with the previously announced average price of approximately 27.75 per Warrant and represents a reduction of 1.75p per Warrant. Again Shareholders and Warrantholders should note that this is only an apparent reduction and is for technical reasons. END NAVSFUFLMUUUFSW
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