Conversion of Securities
March 06 2006 - 4:33AM
UK Regulatory
RNS Number:3261Z
F&C Private Equity Trust PLC
06 March 2006
To: RNS
Date: 6 March 2006
F&C Private Equity Trust plc
Second Conversion of C Shares
The second conversion of 'C' shares into 'B' shares is by reference to 31
January 2006. The NAVs per 'B' share and per 'C' share as at that date,
calculated for the purpose of conversion in accordance with the articles of
association*, were 101.05p and 153.84p respectively. As at 31 January 2006, the
net assets of the 'C' pool, valued for the purpose of conversion, were #32.0
million, of which 33.5% was represented by cash assets. Consequently 10.6
million 'C' shares will convert to 7.0 million 'B' shares at the second
conversion date. The conversion ratio (being the number of 'B' shares resulting
from the 'C' shares to be converted) is 0.65686746.
The number of 'C' shares to be converted into 'B' shares in each holding of 'C'
shares as at 9 March 2006 (the record date for the second conversion) will be
rounded down to the nearest whole 'C' share. Fractional entitlements to 'B'
shares arising on conversion will not be allocated, and will be aggregated and
sold in the market for the benefit of the 'B' pool. For illustrative purposes
only, a holder of 1,000 'C' shares as at 9 March 2006 will, immediately
following the second conversion, hold 219 'B' shares and 665 'C' shares.
The second conversion will occur with effect from 10 March 2006.
Applications have been made to the Financial Services Authority and to London
Stock Exchange plc for the 'B' shares arising on the second conversion to be
admitted to the Official List and to trading on the main market of London Stock
Exchange plc respectively. It is expected that such admissions will become
effective on 10 March 2006.
In order to facilitate the conversion, the balance of 'C' shares remaining
unconverted will transfer to ISIN GB00B0Z6QN74 and SEDOL B0Z6QN7 upon admission
of the new 'B' shares on 10 March 2006.
* The quarterly NAVs value listed investments at their bid prices. The daily
NAV per 'C' share and the NAVs per 'B' share and per 'C' share for the purpose
of conversion value listed investments at their mid-market prices.
For further information, please contact:
Hamish Mair 0131 465 1184
hamish.mair@fandc.com
Martin Cassels 0131 465 1095
martin.cassels@fandc.com
Alistair Moreton, Arbuthnot Securities Ltd 0207 012 2000
Sue Inglis, Intelli Corporate Finance 0207 653 6300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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