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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
M&G EQ.IT Inc. | LSE:MEQI | London | Ordinary Share | GB0005511992 | INC SHS 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.55 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMEQI 04 MARCH 2011 M&G EQUITY INVESTMENT TRUST P.L.C. UPDATE ON RECOMMENDED PROPOSALS In the context of the recommended proposals for the winding-up and reconstruction of the Company as set out in the Circular dated 12 January 2011, M&G Equity Investment Trust P.L.C. announces the following. Result of Meeting At the Second EGM held today, the resolution proposed was duly passed. As a result of the passing of this resolution, it is anticipated that the Third EGM convened for 8 March 2011 will be adjourned indefinitely for lack of business. The full text of the resolution passed at the Second EGM is set out as an appendix to this announcement. Final Terminal Asset Values The Final Terminal Asset Values calculated as at 12 noon on 2 March 2011 were as follows: +--------------------------+-------------------------+-------------------------+ | | Cash Terminal Asset | Rollover Terminal Asset | | | Values | Values | +--------------------------+-------------------------+-------------------------+ |Zero Dividend Shares | 96.726956p | 95.759686p | +--------------------------+-------------------------+-------------------------+ |Income Shares( ) | Nil p | n/a | +--------------------------+-------------------------+-------------------------+ |Capital Shares | Nil p | Nil p | +--------------------------+-------------------------+-------------------------+ |Package Units (comprising | 96.726956p | 95.759686p | |one of each of the above | | | |Share classes) | | | +--------------------------+-------------------------+-------------------------+ Based on these Final Terminal Asset Values and the elections and deemed elections announced on 24 February 2011, the aggregate value attributable to each of the Rollover Funds and to the Cash Option will be as follows: +--------------------------+----------+ | M&G High Income | GBP74.574m | +--------------------------+----------+ | M&G Corporate Bond Fund | GBP4.780m | +--------------------------+----------+ | M&G Global Dividend Fund | GBP14.924m | +--------------------------+----------+ | Cash Option | GBP73.602m | +--------------------------+----------+ Expected Completion Timetable The expected timetable for the completion of the transaction is as follows: +-------------------------------------+----------------------------------------+ |Sunday 6 March 2011 |10.00 a.m. Latest time and date for| | |receipt of Forms of Proxy and CREST| | |Proxies for the Third EGM; | | | | +-------------------------------------+----------------------------------------+ |Monday 7 March 2011 |Confirmation letters despatched for| | |Securities issued in uncertificated form| | |in respect of the M&G Corporate Bond| | |Fund Option and the M&G Global Dividend| | |Fund Option; | | | | +-------------------------------------+----------------------------------------+ |Tuesday 8 March 2011 (or as soon as|CREST accounts credited with cash in| |practicable thereafter) |respect of the Cash Option; | | |Cheques despatched in respect of the| | |Cash Option; | | | | +-------------------------------------+----------------------------------------+ |Tuesday 8 March 2011. |10.00 a.m. Third EGM; | | |Securities in M&G High Income issued| | |pursuant to the Scheme; | | |Securities issued in uncertificated form| | |credited to the stock accounts in CREST| | |of the persons entitled thereto in| | |respect of the Package Unit Option; | | | | +-------------------------------------+----------------------------------------+ |Monday 14 March 2011 (or as soon as|Certificates despatched for Securities| |practicable thereafter) |issued in certificated form in respect| | |of the Package Unit Option; | | | | +-------------------------------------+----------------------------------------+ |By Friday 2 March 2012 |Listing on the London Stock Exchange of| | |Reclassified Shares cancelled. | +-------------------------------------+----------------------------------------+ Definitions 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 M&G Equity Investment Trust P.L.C. dated 12 January 2011. Enquiries Nathan Brown, Numis Securities: 020 7260 1426 Jonathan McClelland, Secretary: 020 7548 3027 APPENDIX - RESOLUTION PASSED SECOND EXTRAORDINARY GENERAL MEETING OF THE COMPANY SPECIAL RESOLUTION 1 That, in the event that the conditions (other than the passing of this resolution) (the "Conditions") as set out in paragraph 15 of the Scheme contained in Part IV of the circular to shareholders of the Company dated 12 January 2011 (the "Circular"), a copy of which has been laid before this meeting and signed by the Chairman thereof, have been fulfilled: 1.1 the Company be wound up voluntarily and Laura Waters and Tim Walsh (the "Liquidators") both of PricewaterhouseCoopers LLP, Plumtree Court, London EC4A 4HT be appointed Liquidators for the purpose of such winding-up and any power conferred on them by law or by this Resolution may be exercised by them jointly or by either one of them alone; 1.2 the remuneration of the Liquidators be fixed on the basis of time spent by them and members of their staff and they be and are hereby authorised to draw such remuneration monthly or at such longer intervals as they may determine; 1.3 the books, accounts and documents of the Company and of the Liquidators be disposed of as the Liquidators see fit, subject to any legal requirements governing the period of retention; 1.4 pursuant to section 165 of the Insolvency Act 1986 the Liquidators be authorised to exercise such of the powers set out in Part I of Schedule 4 to that Act as may be necessary or desirable in their judgment to give effect to the Scheme; 1.5 the Liquidators be authorised to divide among the members in specie the whole or any part of the assets of the Company in accordance with the Scheme and may, for that purpose, value any assets and determine how the division shall be carried out as between the members or different classes of members. The Liquidators may vest the whole or any part of the assets of the Company in trustees upon such trusts for the benefit of, inter alia, the members as they may determine, but no member shall be compelled to accept any assets upon which there is a liability; and 1.6 the Liquidators be empowered and directed to carry into effect the Company's articles of association as amended by the resolutions as set out in the notice convening the extraordinary general meeting of the Company on 24 February 2011. This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: M&G Equity Investment Trust PLC via Thomson Reuters ONE [HUG#1494644]
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