20 April 2017
London and St Lawrence Investment Company PLC
(in members’ voluntary liquidation) (the “Company”)
Update on the Scheme and Results of
General Meeting
Results of the Second General
Meeting
The Board of London and St
Lawrence Investment Company PLC announces that at the Second
General Meeting, held earlier today, the special resolutions were
duly approved by Shareholders.
Accordingly, the Company has been placed into members’ voluntary
liquidation and James Eldridge and
Jeremy Willmont, both of Moore
Stephens LLP, have been appointed as liquidators.
The Company’s Reclassified Shares and Preference Shares were
suspended at 7.30 a.m. this
morning.
Applications have been made to the UK Listing Authority and the
London Stock Exchange for the listing and admission to trading for
the Reclassified Shares and Preference Shares to be
cancelled. It is expected that such cancellation will take
place at 8 a.m. on 21 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.
Terminal Asset Value
Further to the passing of the resolutions at the Company's
General Meetings and under the terms of the Proposals, the TAV of
the Company was calculated as at 12 noon on 18 April 2017 and is 390.23 pence. Ordinary Shareholders who
elected, or were deemed to have elected, to rollover into Practical
Income Units will be receive 1.668374519 Units for every Ordinary
Share.
Cheques and contract notes for Practical Income Units issued
under the Scheme are expected to be dispatched by the Company’s
registrars in the week commencing 24 April
2017.
Preference Shares
In accordance with the Articles, holders of the Company’s
Preference Shares will receive a distribution equal to the nominal
value of £1.00 for each Preference Share and the accrued but unpaid
preference dividends equal to 0.6849
pence for each Preference Share. It is expected that
cheques for this payment will be dispatched in the week commencing
24 April 2017.
Purchase Price for Consistent
As part of the Proposals, and in conjunction with the
liquidation of the Company, on 12 April
2017, Shareholders approved the sale of Consistent Unit
Trust Management Company Limited to the Ashfield Consortium. The
Ashfield Consortium will purchase Consistent Unit Trust Management
Company Limited for a consideration of £3.29 million. The
proceeds of this sale will be distributed to all Ordinary
Shareholders on the Company’s register on 20
April 2017 during the course of the liquidation in one or
more interim distributions after the settlement of the Company’s
creditors.
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.
Enquiries:
London & St Lawrence Investment Company
PLC
Jenny Sculley
+44 (0)1296
711598
Moore Stephens LLP
James Eldridge
+44 (0)20 7334
9191
Cenkos Securities plc
Sapna Shah
+44
(0)20 7397 1922
Shamus Henderson +44
(0)20 7397 1917