ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

BSRT Baker Steel Resources Trust Limited

45.30
0.30 (0.67%)
Last Updated: 08:46:44
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Baker Steel Resources Trust Limited LSE:BSRT London Ordinary Share GG00B6686L20 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.30 0.67% 45.30 43.60 47.00 45.30 44.70 44.70 1,111 08:46:44
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt -18.48M -20.32M -0.1908 -2.35 47.7M

Baker Steel Resources Trust Ltd Result of AGM and Tender Offer (3833A)

28/05/2019 5:15pm

UK Regulatory


Baker Steel Resources (LSE:BSRT)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Baker Steel Resources Charts.

TIDMBSRT

RNS Number : 3833A

Baker Steel Resources Trust Ltd

28 May 2019

28 May 2019

BAKER STEEL RESOURCES TRUST LIMITED

(the "Company")

(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)

Results of AGM & Tender Offer

The Board is pleased to announce that the Resolutions, including the approval of the tender offer authority, put to the Shareholders at the Company's Annual General Meeting held today were duly passed.

The proxy votes received in advance of the meeting are shown below:

 
 Resolution      In favour   Discretionary   Against    Withheld 
 1              50,853,346               0         0           0 
             -------------  --------------  --------  ---------- 
 2              50,853,346               0         0           0 
             -------------  --------------  --------  ---------- 
 3              50,853,346               0         0           0 
             -------------  --------------  --------  ---------- 
 4              50,853,346               0         0           0 
             -------------  --------------  --------  ---------- 
 5              50,853,346               0         0           0 
             -------------  --------------  --------  ---------- 
 6              50,853,346               0         0           0 
             -------------  --------------  --------  ---------- 
 7              49,605,346               0         0   1,248,000 
             -------------  --------------  --------  ---------- 
 8              50,853,346               0         0           0 
             -------------  --------------  --------  ---------- 
 9              50,853,346               0         0           0 
 10             50,853,346               0         0           0 
             -------------  --------------  --------  ---------- 
 

Further to the announcement on 9 May 2019, the Tender Offer by Numis Securities Limited (Numis) was for up to 9,677,498 Ordinary Shares at 51 pence per share. The Board announces that a total of 65.6% of the Company's Shares in issue (including Management Ordinary Shares but excluding treasury shares) have been validly tendered under the Tender Offer and accordingly that the Tender Offer was oversubscribed.

The Basic Entitlement of all Shareholders who have validly tendered their Shares will be accepted in full and excess tenders will be satisfied to the extent of approximately 3.6404% of the excess Ordinary Shares tendered.

In accordance with the terms of the Tender Offer 9,677,478 Ordinary Shares will be purchased by Numis on 29 May 2019 and all such shares will then be repurchased by the Company pursuant to the Repurchase Agreement and cancelled.

The total value of Shares to be purchased is GBP4,935,514.

It is expected that assured payment obligations for uncertificated Ordinary Shares will be created by 5 June 2019 and that cheques will be dispatched in respect of successfully tendered certificated Ordinary Shares on the same day.

Following the implementation of the Tender Offer the Company will have 106,462,502 Shares in issue (106,453,335 Ordinary Shares and 9.167 Management Ordinary Shares) with a further 700,000 Ordinary Shares held in treasury.

The Company's total voting rights following completion of the Tender Offer and the repurchase of the tendered Shares pursuant to the Repurchase Agreement will be 106,453,335.

As detailed in the Circular, there is a Deemed Concert Party (full details set out in paragraph 4 to Part VI of the Circular dated 9 May 2019) in the Company that prior to the Tender Offer held an aggregate of 36,910,436 shares (including 10,000 Management Ordinary Shares), representing approximately 32% of the voting share capital in the Company. As a result of the participation in the Tender Offer by the Deemed Concert Party to at least its aggregate Basic Entitlement, the Shareholding of the Deemed Concert Party has decreased as a percentage of the Company's issued share capital.

Capitalised terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the circular dated 9 May 2019 issued by the Company in connection with the Tender Offer.

Director Changes

As discussed in its audited accounts, the Company also announces that Christopher Sherwell retired as a director of the Company at the annual general meeting held earlier today. The board would like to take this opportunity to thank Chris for his invaluable contribution to the Company over the last 9 years. As announced on 24 May 2019 David Staples joins the Board on 29 May 2019.

Enquiries:

   Baker Steel Resources Trust Limited                 +44 20 7389 8237 

Francis Johnstone

Trevor Steel

   Numis Securities Limited                                   +44 20 7260 1000 

Nathan Brown

Matthew Goss

Further details of the Company and its investments are available on the Company's website www.bakersteelresourcestrust.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

AGMEAKSPAFDNEFF

(END) Dow Jones Newswires

May 28, 2019 12:15 ET (16:15 GMT)

1 Year Baker Steel Resources Chart

1 Year Baker Steel Resources Chart

1 Month Baker Steel Resources Chart

1 Month Baker Steel Resources Chart

Your Recent History

Delayed Upgrade Clock