Result of EGM and Update on Reconstruction (1079Y)

TIDMCPE

RNS Number : 1079Y

Charter European Trust plc

24 February 2012

CHARTER EUROPEAN TRUST PLC (in Members' Voluntary Liquidation)

RESULT OF EGM AND UPDATE ON RECONSTRUCTION

24 February 2012

Charter European Trust plc (the "Company" or "Charter") refers to its circular (the "Circular") to shareholders dated 26 January 2012 which contained detailed proposals for the reconstruction and winding up of the Company (the "Scheme") and the second general meeting held earlier today (the "Second General Meeting"). Pursuant to the Scheme, Eligible Shareholders will exchange their shares in the Company for ordinary shares and subscription shares in BlackRock Greater Europe Investment Trust plc ("BRGE" and "BRGE Ordinary Shares" and "BRGE Subscription Shares" respectively).

Results of Second General Meeting

At the Second General Meeting, a resolution was put to Shareholders to appoint the Liquidators and empower them to give effect to the Scheme (the "Resolution"). The Resolution was passed. The proxy votes received on the Resolution were as follows:

   Votes for *:                        11,283,842 Ordinary Shares (92.94%) 
   Votes against:                   857,526 Ordinary Shares (7.06%) 
   Votes withheld**:          25,074 Ordinary Shares 
   *              The "Votes for" include those votes giving the Chairman discretion.

** A "Vote withheld" is not a vote in law and is not counted in the calculation of the votes for or against the resolution.

A copy of the Resolution has been submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.hemscott.com/nsm.do.

Suspension of Ordinary Shares

The listing of the Company's ordinary shares of 1p each was suspended at 7.30 a.m. on 24 February 2012.

Final Asset Values and Entitlements to BRGE Shares

Pursuant to the terms of the Scheme and as more particularly described in the Circular, the BRGE FAV per Share and the Charter FAV per Share were calculated for the purposes of the Scheme as at 5.00 p.m. on 22 February 2012. The FAVs are as follows:

Charter FAV per Share - 228.640598932p

BRGE FAV per Share - 187.860303526p

Accordingly, under the terms of the Scheme and subject to the Scheme becoming unconditional, Eligible Shareholders will receive 1.2171 BRGE Ordinary Shares for every share held in the Company. Fractions of BRGE Ordinary Shares which arise will not be issued to Eligible Shareholders and instead, in accordance with the terms of the Scheme, fractional entitlements will be rounded down to the nearest whole number of BRGE Ordinary Shares.

In addition, Eligible Shareholders will receive one BRGE Subscription Share for every 5.1742670705 BRGE Ordinary Shares allotted. Again, fractions of BRGE Subscription Shares will not be issued and instead, in accordance with the terms of the Scheme, will be rounded down to the nearest whole number of BRGE Subscription Shares.

The Scheme remains conditional on admission of the BRGE Shares to the Official List of the UKLA and to trading on the Main Market of the London Stock Exchange, which is expected to occur on Monday, 27 February 2012.

Capitalised terms shall have the meanings given to them in the Circular unless otherwise defined.

Contacts:

Peter Ingram (Company Secretary) 020 7065 1467

Collins Stewart Europe Limited 020 7523 8000

Andrew Zychowski

Lucy Lewis

Collins Stewart Europe Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as adviser to Charter European Trust plc and is acting for no-one else in connection with the strategic review and the contents of this announcement, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Collins Stewart Europe Limited nor for providing advice in connection with the strategic review and the contents of this announcement or any other matter referred to herein. Collins Stewart Europe Limited is not responsible for the contents of this announcement. This does not exclude or limit any responsibilities which Collins Stewart Europe Limited may have under the Financial Services and Markets Act 2000 or the regulatory regime established thereunder.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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