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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Prosperity Rus. | LSE:PRDF | London | Ordinary Share | GG00B1LT5744 | ORD USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.7175 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPRDF 14 December 2011 Prosperity Russia Domestic Fund Limited ("PRDF" or the "Company") Results of the Extraordinary General Meeting The Board of PRDF is pleased to announce that, at the Extraordinary General Meeting held earlier today in Guernsey, the resolutions required to permit the continuation of the operations of the Company as an open-ended Cayman mutual fund listed on the Irish Stock Exchange were passed. A summary of the three proposed special resolutions and one proposed ordinary resolution, together with the results of the poll, is set out below. Resolution 1 was not passed. Resolutions 2 and 3 were passed. Due to the conditionality of Resolution 4 on the result of Resolution 3, Resolution 4 was not passed, despite meeting the required voting threshold. +---------------------------------------------+-----------+-----------+--------+ | | | | | | | | | | | | FOR | AGAINST |WITHHELD| | | | | | | | | | | +---------------------------------------------+-----------+-----------+--------+ |SPECIAL RESOLUTIONS | | | | +---------------------------------------------+-----------+-----------+--------+ |1. Commencement of an orderly realisation of |24,448,006 |203,252,016|260,000 | |the Company's assets and, within 12 months of| | | | |the resolution being adopted, a second | | | | |special resolution of the Company to be | | | | |proposed to wind up the Company. | | | | +---------------------------------------------+-----------+-----------+--------+ |2. Amendment of the Company's articles of |208,253,064|19,706,958 | 0 | |incorporation to permit a migration of the | | | | |Company to the Cayman Islands. | | | | +---------------------------------------------+-----------+-----------+--------+ |3. Conditional on Resolution 2 being passed |208,253,064|19,706,958 | 0 | |(and Resolution 1 not being passed), approval| | | | |of the following steps: | | | | | | | | | |(i) cancellation of the admission to trading | | | | |of the Company's Ordinary Shares on AIM; | | | | | | | | | |(ii) removal of the Company from the Register| | | | |of Companies in Guernsey and the registration| | | | |of the Company as an exempted company on the | | | | |Cayman Islands Register of Companies; | | | | | | | | | |(iii) adoption of the New Memorandum and | | | | |Articles; | | | | | | | | | |(iv) conversion of the Company to a Cayman | | | | |Islands open-ended mutual fund; | | | | | | | | | |(v) conversion and re-designation of the | | | | |Ordinary Shares into Series A Shares; | | | | | | | | | |vi) creation of a new series of ordinary | | | | |shares in the capital of the Company, to be | | | | |designated the Series B Shares; | | | | | | | | | |(vii) adoption and issuance of the New | | | | |Information Memorandum; | | | | | | | | | |(viii) application for the issued Series A | | | | |Shares and the Series B Shares to be issued | | | | |to be admitted to the Official List of, and | | | | |to trading on the Main Market of, the Irish | | | | |Stock Exchange Limited; | | | | | | | | | |(ix) application for registration of the | | | | |Company as an open-ended mutual fund, under | | | | |section 4(3) of the Cayman Islands Mutual | | | | |Funds Law (Revised) of the Cayman Islands; | | | | |and | | | | | | | | | |(x) authorisation of the Directors to do | | | | |such other acts and things and to execute | | | | |such documents, on behalf of the Company, | | | | |deemed necessary or desirable in order to | | | | |implement the Proposals. | | | | +---------------------------------------------+-----------+-----------+--------+ |ORDINARY RESOLUTION | | | | +---------------------------------------------+-----------+-----------+--------+ |4. Conditional on Resolutions 1 and 3 not |205,692,016|22,268,006 | 0 | |being passed, the Company to continue its | | | | |operations pursuant to its existing | | | | |structure, investment objectives and | | | | |arrangements and, in substitution for the | | | | |requirement to hold an annual continuation | | | | |vote, hold a continuation vote at the annual | | | | |general meeting of the Company in 2014 and | | | | |every three years thereafter. | | | | +---------------------------------------------+-----------+-----------+--------+ Commenting, Sir David Kinloch, Chairman said: "The Board is very pleased to have received over 91% of votes cast in favour of the special resolutions relating to the continuation of the operations of the Company as an open-ended Cayman mutual fund, listed on the Irish Stock Exchange. The Board believes that these proposals will address the issue relating to the Company's shares trading at a large discount to NAV Per Share, and will also provide the Company's shareholders with greater liquidity in respect of their investment." Following the passing of Resolutions 2 and 3, the Company will now put in place and take the actions necessary to obtain the regulatory and other approvals and consents required in connection with the key steps and events set out in the expected timetable of events below: +-----------------------------------------+------------------------------------+ |Last day of dealing in the Ordinary |Thursday 16 February 2012 | |Shares | | +-----------------------------------------+------------------------------------+ |Closure of the Company's share register |5.00 p.m. on Thursday 16 February | | |2012 | +-----------------------------------------+------------------------------------+ |Cancellation of admission of the Ordinary|7.00 a.m. on Friday 17 February 2012| |Shares to trading on AIM | | +-----------------------------------------+------------------------------------+ |Migration of the Company to the Cayman | | |Islands, adoption of the New Memorandum | | |and Articles, conversion from a closed- |On or around close of business on | |ended to an open-ended company, |Friday 17 February 2012 | |conversion of the Ordinary Shares to | | |Series A Shares and creation of the | | |Series B Shares | | +-----------------------------------------+------------------------------------+ |Listing of the issued Series A Shares and|8.00 a.m. on Monday 20 February 2012| |Series B Shares to be issued on the ISE | | +-----------------------------------------+------------------------------------+ |Application for registration of the | | |Company with CIMA as a regulated mutual |Monday 20 February 2012 | |fund | | +-----------------------------------------+------------------------------------+ The definitions used in this announcement are the same as those used in the announcement giving notice of the EGM on 18 November 2011, unless the context otherwise requires. Enquiries: Prosperity Capital Management Limited (Cayman office) Elly Wordsworth Tel: +1 345 745 8500 Email: ew@prosperitycapital.com Prosperity Capital Management (UK) Limited Leon Santos Tel: +44 20 7299 6950 Email: ls@prosperitycapital.com Kleinwort Benson (Channel Islands) Fund Services Limited Matt Tostevin / Rosemary Osborne-Burns Tel: +44 1481 710607 KPMG Corporate Finance (Nominated Adviser) Tom Franks / Helen Roxburgh Tel: +44 20 7311 1000 KPMG Corporate Finance, a division of KPMG LLP which is authorised and regulated by the Financial Services Authority for investment business activities, is acting for PRDF as nominated adviser in relation to the matters set out in this announcement and is not acting for any other person in relation to these matters. KPMG Corporate Finance will not be responsible to anyone other than PRDF for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement. The Company is an authorised closed-ended collective investment scheme domiciled in Guernsey. Neither the Guernsey Financial Services Commission nor the States of Guernsey Policy Council take any responsibility for the financial soundness of the Company or for the correctness of any of the statements made or opinions expressed with regard to it. 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: Prosperity Russia Domestic Fund Limited via Thomson Reuters ONE [HUG#1571425]
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