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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Grampian | LSE:GRMP | London | Ordinary Share | GB00B6WZ0930 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 470.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMGRMP
RNS Number : 8242G
Grampian Investment Trust Plc
03 July 2012
To: RNS Date: 3 July 2012
GRAMPIAN INVESTMENT TRUST PLC (THE "COMPANY")
PUBLICATION OF CIRCULAR
Further to the announcement made by the Company on 12 June 2012, the Company has today issued a circular (the "Circular") to its shareholders ("Shareholders") in connection with recommended proposals for the winding up and reconstruction of the Company (the "Proposals").
The Proposals
Under the Proposals, all Shareholders will roll over their entire investment in Grampian into shares in Troy Income & Growth Trust plc ("TIGT"). TIGT is an investment trust company which was launched in July 1988. Its investment objective is to provide its shareholders with an attractive income yield and the prospect of income and capital growth through investing in a portfolio of predominantly UK equities. Its capital structure is the simplest possible for an investment trust, consisting only of ordinary shares.
In selecting TIGT as the most suitable rollover vehicle for Grampian Shareholders, the Board has had particular regard to the following:
-- TIGT's investment objective and policy are substantially the same as Grampian's and TIGT is managed by the same investment manager with a strong track record;
-- Grampian shareholders are expected to receive a similar dividend yield on the new TIGT shares; -- TIGT has a lower total expense ratio than can be achieved by Grampian in its current form;
-- TIGT operates a discount control mechanism which should significantly reduce the risk that shares will trade at a material discount to their net asset value; and
-- TIGT has a current market capitalisation of over GBP70 million which will provide considerably improved liquidity for Grampian shareholders.
Final interim dividend
The Board intends that the Company will pay a final interim dividend of 9p per share in respect of the period from 1 May 2012 to 2 August 2012 to Shareholders on the Register at the close of business on 13 July 2012.
Costs of the Proposals
The direct costs of the Proposals which are to be borne by the Company (including irrecoverable VAT but including stamp duty and/or stamp duty reserve tax which is payable on the transfer of the assets constituting the Rollover Pool from the Company to TIGT) are expected to be around GBP210,000. If the Scheme becomes unconditional, the Company will make a fixed contribution of GBP170,000 to TIGT in respect of its costs and expenses relating to its participation in the Proposals. No costs will be incurred by the Company in terminating its investment management agreement with Troy.
If the Proposals are not approved by Shareholders, the Company will suffer abortive costs of GBP132,000.
General Meetings
The implementation of the Proposals will require Shareholders to vote in favour of resolutions to be proposed at general meetings of the Company (the "General Meetings") which have been convened for 11.00 a.m. on 26 July 2012 and 12 noon on 3 August 2012. The notices convening the General Meetings, which set out in full the terms of the resolutions which are to be proposed, are set out in the Circular. The General Meetings will be held at the offices of Dickson Minto W.S., 16 Charlotte Square, Edinburgh EH2 4DF.
Expected Timetable
2012 Expected Ex-dividend date for Final Interim 11 July Dividend Expected Record date for Final Interim 13 July Dividend Latest time and date for receipt of Forms of Proxy from Shareholders in respect of 11.00 a.m. on the First General Meeting 24 July Date from which it is advised that dealings 8.00 a.m. on in Shares should only be for cash settlement 26 July and immediate delivery of documents of title First General Meeting 11.00 a.m. on 26 July Final Interim Dividend expected to be paid 27 July to Shareholders Shares disabled in CREST* 6.00 p.m. on 30 July Record Date for the calculation of Shareholders' close of business entitlements under the Scheme on 30 July Calculation Date close of business on 31 July Latest time and date for receipt of Forms 12 noon on 1 of Proxy from Shareholders in respect of August the Second General Meeting Listing of Shares on the Official List 7:30 a.m. on suspended 3 August Second General Meeting 12 noon on 3 August Effective Date for implementation of the 3 August Scheme and commencement of the liquidation of the Company Admission to listing of the New TIGT Shares 6 August New TIGT Shares issued in uncertified form 8.00 a.m. on credited to CREST accounts of Shareholders 6 August Definitive certificates in respect of New week commencing TIGT Shares issued in certificated form 13 August despatched to Shareholders Cancellation of listing of Shares on the 8.00 a.m. on Official List a business day in the period commencing on 4 September 2012 and ending on 3 August 2013
* For the avoidance of doubt, the Company's register of members will remain open until the Effective Date.
Each of the times and dates in the expected timetable may be extended or brought forward without further notice. If any of the above times and/or dates change, the revised time(s) and/or date(s) will be notified to Shareholders by an announcement through a Regulatory Information Service provider. Words and expressions defined in the Circular have the same respective meanings in this announcement.
A copy of the Circular has been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.hemscott.com/nsm.do
Enquiries:
Douglas Armstrong, Dickson Minto W.S. Tel: 020 7649 6823
Steven Cowie, Personal Assets Trust Administration Company Limited
Company Secretary Tel: 0131 538 6604
This information is provided by RNS
The company news service from the London Stock Exchange
END
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