BlueCrest BlueTrend Limited Results of EGM and Tender Offer (7787K)

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RNS Number : 7787K

BlueCrest BlueTrend Limited

27 June 2014

BlueCrest BlueTrend Limited

Results of EGM and Tender Offer

27 June 2014

The Directors announce that the Extraordinary General Meeting of the Company was held on 27 June 2014. The results are as follows:

 
                                     For          Against   Withheld 
 Ordinary resolution to implement 
  the Tender Offer                   74,433,277   0         0 
                                    -----------  --------  ---------

The Chairman noted that neither Winding Up Condition had been satisfied. Since each of the Special Resolution, the Extraordinary Resolution and the Waiver Resolution were conditional on the satisfaction of either Winding Up Condition, the Chairman noted that these Resolutions would be withdrawn and not tabled to the Meeting.

Results of Tender Offer

As set out in the Circular to Shareholders dated 5 June 2014 (the "Circular"), Shareholders were offered the opportunity to tender up to 100 per cent of their shares in the Company as at the Record Date at 98 per cent of NAV, less costs.

The Tender Offer closed at 1pm on 25 June 2014. The Company announces that, in accordance with the terms and conditions of the Tender Offer, tenders for 60,271,795 Sterling Shares and 47,886,715 US$ Shares have been accepted by the Company, representing 63.7 per cent of the Sterling Share class and 68.0 per cent of the US$ Share class.

Compulsory Conversion of US$ Share Class

Following completion of the Tender Offer the US$ Share class will not meet the Shares in Public Hands Requirement. Therefore, in accordance with the Articles, and as set out in the Circular, the Directors have resolved to compulsorily convert all of the US$ Shares which have not been tendered into Sterling Shares.

Conversion will be on the basis of the ratio of the NAV of the US$ Share class (less the costs of effecting such conversion), to the NAV of the Sterling Share class, each as at 30 June 2014. For the avoidance of doubt the NAV for each class used in the conversion ratio will take into account the effect of the uplift as a result of the Tender Price being at 98 per cent of NAV.

It is expected that conversion will take effect on 16 July 2014.

A further announcement will be made in due course with details of the conversion ratio and confirming the conversion date.

Winding Up Conditions

Based on the latest published NAV per Share as at the date of the EGM, the Company's NAV following completion of the tender offer will be c. GBP44.8m. In addition the Sterling Shares will meet the Shares in Public Hands Requirement. Accordingly the Company will not be placed into voluntary winding up.

Expected Timetable

 
 Calculation Date                            30 June 2014 
 Announcement of the Tender Price for each   On or around 8 July 
  class of Shares                             2014 
                                            -------------------- 
 Settlement Date                             By 31 July 2014 
                                            --------------------

Terms used and not defined in this announcement will have the meanings given to them in the Circular.

Enquiries:

 
 Robin Bowie/Katie Standley   Dexion Capital plc 
                               +44 (0)20 7832 0900 
 Kellie Blondel/Carol Kilby   Dexion Capital (Guernsey) Limited 
                               +44 (0)1481 743940

This information is provided by RNS

The company news service from the London Stock Exchange

END

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