Statement re Planned winding up
February 11 2009 - 7:48AM
UK Regulatory
TIDMSVLC
Smaller Companies Value Trust PLC
11 February 2009
Statement re planned winding-up
The Company's Articles of Association provide that, unless appropriate restructuring proposals are put forward, the Board will convene an Extraordinary General Meeting of the Company to be held on 30 April 2009 at which an ordinary resolution for the winding-up of the Company will be proposed.
The Board, having taken account of market conditions and the preferences of certain larger shareholders, does not anticipate putting forward restructuring proposals. Accordingly, it is expected that a circular containing notice of a winding-up resolution to be held on 30 April 2009 will be despatched to shareholders in due course. Because of the weighted voting arrangements provided for in the Articles, such a resolution will be carried.
In anticipation of the need to distribute cash to both income and capital shareholders, the Board will continue the process, which has already commenced as described in the Interim Results published on 12 December 2008, of moving out of illiquid stocks and increasing levels of cash. The bank loan was repaid on 31 December 2008. Further details of the winding-up process and the appointment of liquidators will be contained in the circular.
Enquiries:
Scottish Widows Investment Partnership Limited
Helen Jones - 020 7203 3190
Paul Fincham/Jonathan Becher
Matrix Corporate Capital LLP - 0203-206-7000
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