Active Capital Trust PLC Publication of Winding-up Circular (6878P)
October 26 2012 - 11:34AM
UK Regulatory
TIDMAIT
RNS Number : 6878P
Active Capital Trust PLC
26 October 2012
Active Capital Trust PLC (the "Company")
Publication of winding-up circular
26 October 2012
The Company has today published a circular (the "Circular")
setting out details of the proposed members' voluntary liquidation
of the Company.
In August 2009, Shareholders voted to convert the Company into a
realisation fund. Since this time, the Company's portfolio of
assets has been managed with the objective of realising investments
and returning cash to Shareholders. The Investment Manager has been
working to an agreed strategy of maximising the value of the
portfolio by seeking to achieve identified targets for each holding
rather than short term realisations that could have resulted in
unacceptable discounts to prevailing valuations.
The portfolio is now in the final stages of realisation, with
over 99 per cent. of the value of the Company's investments made up
of five holdings. Therefore, the Board, having consulted with the
Company's largest Shareholders and with its manager, Bluehone, is
of the view that the most cost effective way to realise the
Company's remaining assets whilst maximising their value for the
benefit of Shareholders is to proceed with a formal liquidation.
Accordingly, the Board is proposing that, following the approval by
Shareholders, the Company will be placed into members' voluntary
liquidation and the surplus assets of the Company, after
realisation of all the remaining investments and settlement of all
liabilities, will be distributed to Shareholders in accordance with
their respective entitlements under the Articles.
Further details of the Proposals, including a full timetable,
are included in the Circular to Shareholders which incorporates a
notice convening a General Meeting of the Company to be held at the
offices of F&C Asset Management plc, Exchange House, Primrose
Street, London EC2A 2NY on Wednesday, 21 November 2012 at 11.45
a.m. (or if later, immediately following the close of the Company's
Annual General Meeting).
Copies of the Circular will be posted to Shareholders. Copies of
the Circular will also be available, for inspection only, at the
National Storage Mechanism which is located at
www.hemscott.com/nsm.do.
Words and expressions used in this announcement shall have the
same meanings as set out in the Circular unless the context
otherwise requires.
Enquiries
Bill Brown, Investment Manager Bluehone Investors LLP 020 3206
7335
Derek Osborne, Company Secretary F&C Asset Management plc
020 7628 8000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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