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Name | Symbol | Market | Type |
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Citi Fun 24 | LSE:AI29 | London | Medium Term Loan |
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RNS Number:6112Q Schroder Split Fund PLC 28 January 2002 28 January 2002 Results of Meeting, Elections, Terminal Asset Values and Entitlements under the Recommended Proposals for the Winding-Up and Reconstruction of the Company The Board of Schroder Split Fund plc (the "Company") announces the following: Result of Meeting The special resolution and the extraordinary resolution for the Company's winding up and the appointment of the Liquidators were proposed and unanimously passed at the Second Extraordinary General Meeting of the Company held today. Results of Elections Valid elections or deemed elections (before scaling back) under the Scheme were received as follows: Zero Dividend Preference Shares • Holders of 12,974,186 ZDP Shares (34.5%) elected or were deemed to have elected to receive zero dividend preference shares in Schroder Split ZDP plc ("Subco Zero Dividend Preference Shares"); • Holders of 342,730 ZDP Shares (0.9%) elected to receive income units in the Schroder Corporate Bond Fund ("Bond Fund Units"); • Holders of 23,344,006 ZDP Shares (64.6%) elected to receive their entitlement in cash through the special purpose vehicle (the "Cashco Option"). Income Shares • Holders of 32,951,897 Income Shares (58.3%) elected or were deemed to have elected to receive ordinary shares in Schroder Split Investment Fund plc ("Newco Ordinary Shares"); • Holders of 4,259,974 Income Shares (7.5%) elected to receive Bond Fund Units; • Holders of 19,366,668 Income Shares (34.2%) elected for the Cashco Option. Capital Shares • Holders of 3,097,309 Capital Shares (11.0%) elected or were deemed to have elected to receive Newco Ordinary Shares; • Holders of 3,641,255 Capital Shares (12.9%) elected to receive Subco Zero Dividend Preference Shares; • Holders of 166,785 Capital Shares (0.6%) elected to receive Bond Fund Units; • Holders of 812,012 Capital Shares (2.9%) elected to receive accumulation units in the Schroder UK Active Value Fund ("Active Value Fund Units"); • Holders of 20,462,839 Capital Shares (72.6%) elected for the Cashco Option. Scaling back In order to achieve the required 3:2 ratio of Newco Ordinary Shares to Subco Zero Dividend Preference Shares within the capital structure of the Newco Group (as set out in the Prospectus), it has been necessary to scale back as follows the prospective allotments of Subco Zero Dividend Preference Shares under the Scheme: • Of the ZDP Shares which elected for Subco Zero Dividend Preference Shares, 12,100,489 (93.3%) will receive Subco Zero Dividend Preference Shares and 873,697 (6.7%) will be deemed to have elected for Bond Fund Units; • Of the Capital Shares which elected for Subco Zero Dividend Preference Shares, 3,396,005 (93.3%) will receive Subco Zero Dividend Preference Shares and 245,250 (6.7%) will be deemed to have elected for Bond Fund Units. Individual entitlements to Subco Zero Dividend Preference Shares and Bond Fund Units will be calculated on a pro rata basis. As stated in the Circular, preference has been given to entitlements to Subco Zero Dividend Preference Shares under the Scheme. Consequently applications under the Offer for Subscription and Placing have been subject to 100% scaling back. Reclassified Shares In accordance with the terms of the Scheme, application has been made to the London Stock Exchange and the UK Listing Authority for the Reclassified Shares to be admitted to the Official List on 28 January 2002. Listing of and dealings in the Reclassified Shares is expected to be suspended at 7.30 a.m. on 29 January 2002. Terminal Asset Values The Terminal Asset Value ("TAV") per Share, calculated in accordance with the terms of the Scheme as at the close of business on 25 January 2002, were 202.76p per ZDP Share, 111.86p per Income Share and 86.36p per Capital Share. Cashco Option Shareholders who elected for the Cashco Option will receive an amount in cash calculated by reference to the value of the Company's assets at the close of business on 25 January 2002, as represented by the Terminal Asset Value stated above. Cheques in respect of such amounts are expected to be despatched, and CREST participants credited through the CREST system, on or as soon as practicable after 30 January 2002. Shareholders should note that the actual amount of cash received by Income Shareholders and Capital Shareholders who have elected for the Cashco Option may differ to the relevant TAV as a result of movements in the value of the Company's assets between the Calculation Date and the Effective Date. Entitlements under the Proposals The following are the expected entitlements for cash and/or securities under the Scheme. ZDP Shares • For every 1,000 ZDP Shares elected or deemed to have been elected for Subco Zero Dividend Preference Shares, 1,891 Subco Zero Dividend Preference Shares and £135.85 invested into Bond Fund Units; • For every 1,000 ZDP Shares elected for Bond Fund Units, £2,027.60 invested into Bond Fund Units; • For every 1,000 ZDP Shares elected for the Cashco Option, £2,027.60. Income Shares • For every 1,000 Income Shares elected or deemed to have been elected for Newco Ordinary Shares, 1,153 Newco Ordinary Shares; • For every 1,000 Income Shares elected for Bond Fund Units, £1,118.60 invested into Bond Fund Units; • For every 1,000 Income Shares elected for the Cashco Option, £1,118.60 (subject to possible variation as described above). Capital Shares • For every 1,000 Capital Shares elected or deemed to have been elected for Newco Ordinary Shares, 890 Newco Ordinary Shares; • For every 1,000 Capital Shares elected for Subco Zero Dividend Preference Shares, 805 Subco Zero Dividend Preference Shares and £57.86 invested into Bond Fund Units; • For every 1,000 Capital Shares elected for Bond Fund Units, £863.65 invested into Bond Fund Units; • For every 1,000 Capital Shares elected for Active Value Fund Units, £864.36 invested into Active Value Fund Units; • For every 1,000 Capital Shares elected for the Cashco Option, £863.65 (subject to possible variation as described above). Restricted Shareholders Restricted Shareholders will be given cash in respect of their entire holding, such amounts to be calculated based on the Terminal Asset Values per Share detailed above. Liquidation Fund To the extent that any part of the Liquidation Fund is not required to meet the Company's liabilities, the cash balance remaining in the hands of the Liquidators will be paid as one or more Liquidation Distributions, one third to Income Shareholders and the remaining two thirds to Capital Shareholders, in both cases to Shareholders on the register of members at the close of business on 28 January 2002. Such distributions would be calculated pro rata to the respective shareholdings, provided that if any such amount otherwise payable to any Shareholder is less than £3 it will not be paid to the Shareholder but will be transferred to Newco. Newco Group As a result of the above elections under the Scheme and of the Placing and Offer for Subscription detailed in the Prospectus, the Initial Gross Assets (before expenses) of the Newco Group are expected to be £79.6 million, comprised of £40.0 million of Newco Ordinary Shares, £27.5 million of Subco Zero Dividend Preference Shares and £12.1 million in bank debt. The issued listed share capital of the Group is expected to comprise 41.2 million Newco Ordinary Shares and 27.5 million Subco Zero Dividend Preference Shares. Dealings in the Newco Ordinary Shares and Subco Zero Dividend Preference Shares are expected to commence on 31 January 2002. Bond Fund and UK Active Value Fund Contract notes in respect of issued units in the Bond Fund and the UK Active Value Fund are expected to be posted on 29 January 2002. Any enquiries regarding these funds should be addressed to Schroder Investor Services on 0800 718 777. Enquiries: Schroder Investment Management Limited Philip Middleton Tel: 020 7658 3714 HSBC Investment Bank plc Tom Durie/Nathan Brown Tel: 020 7336 2004/4331 Notes: The defined terms used in this announcement shall have the same meanings as those set out in the Circular despatched to Shareholders dated 20 December 2001. HSBC Investment Bank plc, which is regulated by the Financial Services Authority, is acting for Schroder Split Fund plc, Schroder Split Investment Fund plc and Schroder Split ZDP plc and for no-one else and will not be responsible to anyone other than Schroder Split Fund plc, Schroder Split Investment Fund plc and Schroder Split ZDP plc for providing the protections afforded to customers of HSBC Investment Bank plc or for providing advice in relation to the Proposals or any matter referred to in this announcement. This information is provided by RNS The company news service from the London Stock Exchange
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