12 April 2017
London & St Lawrence Investment Company
plc (the “Company”)
Result of First General Meeting,
Result of Elections, Reclassification and Portfolio Update
On 20 March 2017, the Company
announced proposals for a scheme of reconstruction under section
110 of the Insolvency Act, 1986 (as amended) (the
“Scheme”).
The Directors of the Company are pleased to announce that the
two special resolutions proposed at the First General Meeting of
the Company held earlier today, approving the reclassification of
the Company’s ordinary shares (the “Ordinary Shares”) into
Ordinary Shares of 5p each with “A” rights (“A Shares”) and
Ordinary Shares of 5p each with “B” rights (“B Shares”)
(together the “Reclassified Shares”) and the amendment of
the Company’s articles of association and implementation of the
Scheme were duly passed by 99.94 per cent and 99.94 per cent
respectively, of those Shareholders present in person, by corporate
representative or by proxy.
The two ordinary resolutions in relation to the related party
transactions in connection with the sale of Consistent Unit Trust
Management Limited and the fee contribution by Aviva Investors
Global Services Limited were also passed.
Result of Elections
The Board is pleased to announce the result of Elections.
The last date for receiving Forms of Election was 1.00 p.m. on 11 April
2017. The results of the Elections are shown in the table
below:
Option |
Number |
% |
Rollover Option |
14,768,740 |
51.0 |
Cash Option |
14,180,204 |
49.0 |
Reclassification of the Ordinary
Shares
As a result of the Elections referred to above, 14,768,740
Ordinary Shares will be reclassified as A Shares and 14,180,204
Ordinary Shares will be reclassified as B Shares.
Application has been made to the UK Listing Authority and the
London Stock Exchange for the listing in respect of the Ordinary
Shares to be amended to reflect the reclassification of the
Ordinary Shares as A Shares and B Shares. It is expected that
such amendment will become effective and dealings in Reclassified
Shares will commence with effect from 8
a.m. on 13 April 2017.
|
A Shares |
B Shares |
SEDOL |
BD4H6M1 |
BD4H6N2 |
ISIN |
GB00BD4H6M13 |
GB00BD4H6N20 |
TIDM |
LSLA |
LSLB |
Description |
ORD GBP0.05 (A Rights) |
ORD GBP0.05 (B Rights) |
These will replace the existing Ordinary Shares (ISIN
GB0005310056).
Applications have also been made to the UK Listing Authority and
the London Stock Exchange to suspend the listing of the A Shares
and B Shares at 7.30am on
20 April 2017.
The Scheme remains conditional on the passing of the special
resolutions at the Second General Meeting to be held at
10 a.m. on 20
April 2017.
Copies of the special resolutions have been submitted to the
National Storage Mechanism and will shortly be available for
inspection at www.morningstar.co.uk/uk/nsm.
Capitalised terms used in this announcement shall, unless the
context otherwise requires, bear the meaning given to them in the
circular dated 20 March 2017.
Portfolio Update
In anticipation of the Cash Option, the Company has liquidated a
significant number of its investments raising cash of approximately
£56m or 48.9% of the Company’s NAV.
Enquiries:
London & St Lawrence Investment Company
PLC
Jenny
Sculley
+44 (0)1296 711598
Cenkos Securities plc
Sapna
Shah
+44 (0)20 7397 1922
Shamus
Henderson
+44 (0)20 7397 1917
Francesc
Garcia-Uriel
+44 (0)20 7397 1920