Result of Elections

 

TIDMFUS 
 
RNS Number : 6267N 
F&C UK Select Trust PLC 
15 June 2010 
 

  NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART INTO 
 THE 
            UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN 
                                  15 June 2010 
                            F&C UK Select Trust PLC 
        RESULT OF SHAREHOLDER ELECTIONS, 
 RECLASSIFICATION OF ORDINARY 
              SHARES 
 AND 
 SUSPENSION OF RECLASSIFIED SHARES 
Result of Elections under the Scheme 
Further to the announcement of recommended proposals for the reconstruction and 
winding-up of F&C UK Select Trust plc (the "Company") made on Thursday, 22 April 
2010, the Directors announce that the result of Elections under the Scheme is as 
follows: 
-           Elections for the Cash Option were made in respect of 42,223,925 
Shares; and 
-           Elections for the UKOF Option were made in respect of 7,056,036 
Shares. 
Reclassification of Shares 
As a result of the Elections referred to above, 42,223,925 Ordinary Shares will 
be reclassified as Shares with "Cash" rights and 7,056,036 Shares will be 
reclassified as Shares with "UKOF" rights with effect from 6.00 p.m. on Monday, 
21 June 2010. 
Applications have been made to the UK Listing Authority and the London Stock 
Exchange for the listing in respect of the Shares to be amended to provide for 
the listing of the Reclassified Shares.  It is expected that such amendment will 
become effective from 7.30 a.m. on Tuesday, 22 June 2010 and that dealings in 
the Reclassified Shares will commence with effect from 8.00 a.m. on Tuesday, 22 
June 2010. 
LAV per Share 
With effect from 6.00 p.m. on Friday, 11 June 2010, the Company's undertaking, 
cash and other assets (after taking into account the F&C Cost Contribution) have 
been allocated to the Liquidation Fund, the Cash Fund and the UKOF Fund on the 
basis described in the circular to the Company's shareholders dated 30 April 
2010 (the "Circular").  Accordingly, as at 6.00 p.m. on Friday, 11 June 2010 the 
LAV per Reclassified Share was 84.26p. 
The LAV per Reclassified Share may change materially at the date on which the 
Scheme becomes effective (being Wednesday, 23 June 2010) as a result of, among 
others, changes in the value of the Company's investments.  Furthermore, as it 
is intended that the assets appropriated to the Cash Fund will, be realised 
prior to the Effective Date, the LAV of a Share with "Cash" rights and the LAV 
of a Share with "UKOF" rights may diverge over that period to the Effective 
Date.  The LAV per Share with "Cash" rights and the LAV per Share with "UKOF" 
rights for the purpose of calculating entitlements under the Scheme is expected 
to be announced on Wednesday, 23 June 2010. 
In view of the allocations to the Funds, the Company has ceased, with immediate 
effect, daily announcements of the NAV per Share. 
Suspension of Reclassified Shares 
It is expected that the listing of the Reclassified Shares will be suspended at 
7.30 a.m. on Wednesday, 23 June 2010. 
General 
The Company confirms that it has completed the sale of its entire holding in its 
unlisted investment, Caithness Petroleum Limited, and that it is in receipt of 
the sale proceeds. 
The Proposals remain conditional on the passing of the special resolution for 
the winding-up of the Company, which will be proposed at the general meeting of 
the Company convened for Wednesday, 23 June 2010.  The Proposals will not become 
effective unless that resolution is passed. 
Enquiries 
+-----------------+------------+---------------+ 
| Mike            | F&C        | T:            | 
| Woodward/Martin | Asset      | 0207 628 8000 | 
| Cassels         | Management |               | 
|                 | plc        |               | 
+-----------------+------------+---------------+ 
| Sue             | Canaccord  | T: 020        | 
| Inglis          | Genuity    | 7050 6779     | 
|                 | Limited    |               | 
+-----------------+------------+---------------+ 
Notes 
Unless the context otherwise requires, terms used in this announcement shall 
bear the meanings given to them in the Circular. 
Canaccord Genuity Limited, which is authorised and regulated in the United 
Kingdom by the Financial Services Authority, is acting for F&C UK Select Trust 
plc and no-one else in connection with the Proposals and will not be responsible 
to anyone other than F&C UK Select Trust plc for providing the protections 
afforded to customers of Canaccord Genuity Limited or for providing advice in 
relation to the Proposals, the contents of this announcement or any other matter 
referred to in this announcement. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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