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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Trio Fin | LSE:TRIO | London | Ordinary Share | GG00B1RB3W57 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 2512I TRIO Finance Limited 17 November 2008 TRIO Finance Limited TRIO Finance Limited 17 November 2008 THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN TRIO Finance Limited (registration number 44776) Announcement of Tender Offer, Delisting of Shares and Intended Voluntary Winding-up of the Company Introduction TRIO Finance Limited ("TRIO") announces a tender offer to purchase up to 7,999,998 of its shares (the "Shares") (comprising all of the issued shares in the Company with the exception of 2 shares) and thereby a return of up to a maximum of US$44,879,988.80 in cash to shareholders (the "Tender Offer"). Background to and reasons for the Tender Offer TRIO has realised all of its realisable assets and accordingly is entirely in cash. Following discussions with TRIO's advisers and major shareholders, the Board has concluded that in light of the current market conditions and those anticipated going forward, it is in the best interests of TRIO and its shareholders for all residual cash to be returned to shareholders and TRIO thereupon placed into liquidation. The Tender Offer is considered by the Directors to be the most appropriate method for TRIO to return residual cash to shareholders in the form of a return of capital. The net asset value per Share on 14 November 2008 (being the latest practicable date prior to the issue of this announcement) was US$5.63. This is calculated after providing for the costs of termination of TRIO's long term contracts and the estimated costs and expenses of the liquidation. Details of the Tender Offer The Tender Offer will be open from 18 November to 3 p.m. on 15 December 2008 and is being made at a price per Share of US$5.61 (the "Offer Price"). The Offer Price represents a premium of approximately 58 per cent. over the middle market closing price (as derived from the Daily Official List of the London Stock Exchange) of US$3.55 per Share on 14 November 2008, being the latest practicable date prior to this announcement. The Tender Offer is conditional on the approval of shareholders at the extraordinary general meeting of TRIO to be held at 11.00 a.m. on 15 December 2008. The Tender Offer is only available to eligible shareholders and in respect of the number of Shares registered in those shareholders' names at 5.00 p.m. on 15 December 2008 (the "Record Date"). Eligible shareholders may participate in the Tender Offer by tendering all or a proportion of the Shares held by them at the Record Date. Once purchased, those Shares will be cancelled and will not be available for re-issue. In conjunction with the approval of the Tender Offer by the shareholders, shareholders will also be asked to approve the delisting of TRIO from the Official List of the London Stock Exchange. Liquidation Following completion of the Tender Offer, the Directors will take the necessary steps to seek to place the Company into voluntary liquidation. The assets of the Company after completion of the Tender Offer are expected to comprise cash equal (so far as can be reasonably estimated) to the liabilities of the Company at that time, including liquidation costs, plus cash representing the Offer Price in respect of those Shares for any shareholders who do not participate in the Tender Offer. Those non-participating shareholders will likely be obliged to wait until the conclusion of the liquidation process before receiving cash equal (so far as can be reasonably estimated) to the Offer Price per Share held by them. The Circular, which will contain the formal terms and conditions of the Tender Offer, will be sent to shareholders as soon as practicable following this announcement. Expected Timetable 2008 Dispatch of circular to shareholders 18 November Tender Offer opens 18 November Last day for dealings on the London Stock 12 December Exchange on a normal settlement basis Latest time and date for receipt of forms of 11.00 a.m. on 13 proxy December Dealings in Shares suspended pending the result 7.30 a.m. on 15 of the extraordinary general meeting December Extraordinary general meeting 11.00 a.m. on 15 December Latest time and date for receipt of Tender Forms 3.00 p.m. on 15 December Record Date for the Tender Offer 5.00 p.m. on 15 December Announcement of results of extraordinary general 16 December meeting and Tender Offer Date upon which termination of trading of Shares 16 December on the London Stock Exchange becomes effective Dispatch of cheques for Tender Offer proceeds for by 19 December certificated Shares/CREST accounts credited with Tender Offer proceeds Dispatch of balance share certificates/ CREST by 19 December accounts revised for continuing holdings of uncertificated Shares Documentation Copies of the Tender Offer Circular together with relevant documents relating to the extraordinary general meeting to be held on 15 December 2008 will be available for inspection at the UK Listing Authority's Document Viewing Facility which is situated at the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS. Copies of these documents will also be available from the Company Secretary. Enquiries: Kleinwort Benson (Channel Islands) Fund Services Limited Company Secretary Tel: 01481 727111 END This information is provided by RNS The company news service from the London Stock Exchange END TENGUGGGGUPRPWQ
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