Result of EGM

    RNS Number : 3163K
  Asset Management Investment Co.PLC
  17 December 2008
   


    Asset Management Investment Company PLC 

    Result of EGM

    17 December 2008

    Further to the announcement and Circular to Shareholders dated 21 November 2008 the Board is pleased to announce that the two
resolutions proposed as special resolutions at the Extraordinary General Meeting held today were duly passed.

    The first resolution authorised the cancellation of the entire capital redemption reserve, subject to the confirmation of the Court. The
second resolution:

    *     authorised the conversion, subdivision and reclassification of 76,034 unissued Ordinary Shares into B Shares and/or C Shares
(according to Elections and deemed Elections under the Bonus Issue);
    *     adopted new articles of association in substitution for and the entire exclusion of the Existing Articles;
    *     capitalised the sum of £19,008.333 standing to the credit of the Company's special reserve to pay up in full the B Shares and C
Shares;
    *     allotted and issued the B Shares and C Shares up to an aggregate amount of £19,008.333 to Shareholders on the basis of one B Share
and/or C Share for each Ordinary Share held on the Record Date. The authority granted will expire on the earlier of the conclusion of the
Company's Annual General Meeting held in 2010 or 15 months from 17 December 2008;
    *     approved the cancellation of any B Shares or C Shares which remain unissued at 31 March 2009; 
    *     approved the Put Option Agreement in relation to the repurchase of B Shares from Numis Securities; and
    *     approved the Purchase Agreement in relation to the repurchase of B Shares from certain Overseas Shareholders. 

    Cancellation of Capital Redemption Reserve

    In implementing the Proposals, the Company is required to comply with the statutory restrictions on the use of its reserves and, in
particular, the use only of those reserves determined to be distributable in connection with the repurchase and/or redemption of the
Company's shares. The Company's distributable reserves have fallen below the level required to fund the Proposals in their entirety out of
current distributable reserves. The Board is therefore proposing to create further distributable reserves by the cancellation of the
Company's entire capital redemption reserve (accumulated following the cancellation of zero dividend preference shares and Ordinary Shares
repurchased by the Company). Any cancellation may only be made with the approval of the High Court in London. Accordingly, an application
will be made to the Court for such Cancellation.

    Expected timetable

    Due to the requirement for the Cancellation to be approved by the Court prior to the Return of Cash being completed, expected to be on
or around 5 February 2009, it is expected that a cheque for the proceeds of the B Share Repurchase and C Share Redemption (in each case
including any amount in respect of the Accrued Dividend) will be sent to Shareholders with the proceeds in the week commencing 9 February
2009. 

                                                                                                                                            
                                                         2009
 Court Hearing to confirm the Cancellation                                                                                                  
                                                         Wednesday, 4
                                                                                                                                            
                                                         February
 Effective Date for Cancellation                                                                                                            
                                                         Thursday, 5
                                                                                                                                            
                                                         February*
 Allotment of B Shares and C Shares                                                                                                         
                                                         8.00 a.m. on
                                                                                                                                            
                                                         Thursday, 5
                                                                                                                                            
                                                         February*
 Redemption of C Shares                                                                                                                     
                                                         Friday, 6 February*
 Numis Securities makes the Purchase Offer by means of an announcement on a Regulatory Information Service                                  
                                                         8.00 a.m. on Friday,
                                                                                                                                            
                                                         6 February*
 Purchase of B Shares by Numis Securities to be completed and Numis Securities to be registered as the holder of B Shares                   
                                                         by 11.55 p.m. on
                                                                                                                                            
                                                         Friday, 6 February*
 Despatch of cheques in respect of proceeds of the C Share Redemption and Purchase Offer                                                    
                                                         Week commencing
                                                                                                                                            
                                                         Monday, 9 February*

 In the event of material changes to the above times and/or dates, the revised time(s) and/or date(s) will be notified to Shareholders by
announcement through a Regulatory Information Service.
 * The Cancellation will become effective upon the registration of the Court Order at the Company's Registry.
 * These dates are indicative only and will depend upon the Cancellation being confirmed by the Court.

    Contact Details

    For further information please contact: 

    George Robb
    Managing Director and Chief Investment Officer 
    Telephone: [phone] 

    Bharat Bhagani
    Company Secretary and Financial Controller
    Telephone: [phone]

    Nathan Brown 
    Numis Securities, Corporate Broking 
    Telephone: [phone] 

    Notes

    The information in this announcement should be read in conjunction with the full text of the Circular. Capitalised terms used in this
announcement shall, unless the context otherwise requires, bear the meaning given to them in the circular issued by the Company Limited
dated 21 November 2008.

    This announcement and the information contained herein is not for publication, distribution or release in, or into, directly or
indirectly, jurisdictions other than the United Kingdom and does not constitute, or form part of, an offer of securities for sale in or into
jurisdictions other than the United Kingdom.

    This announcement should not be construed as advice relating to legal, taxation or any other matters and does not constitute a
recommendation to sell or the solicitation of an offer to subscribe for or buy, nor shall there be any sale of, any securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful or would impose any unfulfilled registration, publication or
approval requirements on the Company or Numis Securities Limited.

    Copies of the special resolutions will be submitted to the UK Listing Authority and will shortly be available for inspection at the UK
Listing Authority's Document Viewing Facility which is situated at:

    Financial Services Authority
    25 The North Colonnade
Canary Wharf
    London E14 5HS
    Tel. [phone]


This information is provided by RNS
The company news service from the London Stock Exchange
 
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