EGM Statement
March 04 2011 - 6:45AM
UK Regulatory
TIDMMEQI
04 MARCH 2011
M&G EQUITY INVESTMENT TRUST P.L.C.
UPDATE ON RECOMMENDED PROPOSALS
In the context of the recommended proposals for the winding-up and
reconstruction of the Company as set out in the Circular dated 12 January 2011,
M&G Equity Investment Trust P.L.C. announces the following.
Result of Meeting
At the Second EGM held today, the resolution proposed was duly passed.
As a result of the passing of this resolution, it is anticipated that the Third
EGM convened for 8 March 2011 will be adjourned indefinitely for lack of
business.
The full text of the resolution passed at the Second EGM is set out as an
appendix to this announcement.
Final Terminal Asset Values
The Final Terminal Asset Values calculated as at 12 noon on 2 March 2011 were as
follows:
+--------------------------+-------------------------+-------------------------+
| | Cash Terminal Asset | Rollover Terminal Asset |
| | Values | Values |
+--------------------------+-------------------------+-------------------------+
|Zero Dividend Shares | 96.726956p | 95.759686p |
+--------------------------+-------------------------+-------------------------+
|Income Shares( ) | Nil p | n/a |
+--------------------------+-------------------------+-------------------------+
|Capital Shares | Nil p | Nil p |
+--------------------------+-------------------------+-------------------------+
|Package Units (comprising | 96.726956p | 95.759686p |
|one of each of the above | | |
|Share classes) | | |
+--------------------------+-------------------------+-------------------------+
Based on these Final Terminal Asset Values and the elections and deemed
elections announced on 24 February 2011, the aggregate value attributable to
each of the Rollover Funds and to the Cash Option will be as follows:
+--------------------------+----------+
| M&G High Income | GBP74.574m |
+--------------------------+----------+
| M&G Corporate Bond Fund | GBP4.780m |
+--------------------------+----------+
| M&G Global Dividend Fund | GBP14.924m |
+--------------------------+----------+
| Cash Option | GBP73.602m |
+--------------------------+----------+
Expected Completion Timetable
The expected timetable for the completion of the transaction is as follows:
+-------------------------------------+----------------------------------------+
|Sunday 6 March 2011 |10.00 a.m. Latest time and date for|
| |receipt of Forms of Proxy and CREST|
| |Proxies for the Third EGM; |
| | |
+-------------------------------------+----------------------------------------+
|Monday 7 March 2011 |Confirmation letters despatched for|
| |Securities issued in uncertificated form|
| |in respect of the M&G Corporate Bond|
| |Fund Option and the M&G Global Dividend|
| |Fund Option; |
| | |
+-------------------------------------+----------------------------------------+
|Tuesday 8 March 2011 (or as soon as|CREST accounts credited with cash in|
|practicable thereafter) |respect of the Cash Option; |
| |Cheques despatched in respect of the|
| |Cash Option; |
| | |
+-------------------------------------+----------------------------------------+
|Tuesday 8 March 2011. |10.00 a.m. Third EGM; |
| |Securities in M&G High Income issued|
| |pursuant to the Scheme; |
| |Securities issued in uncertificated form|
| |credited to the stock accounts in CREST|
| |of the persons entitled thereto in|
| |respect of the Package Unit Option; |
| | |
+-------------------------------------+----------------------------------------+
|Monday 14 March 2011 (or as soon as|Certificates despatched for Securities|
|practicable thereafter) |issued in certificated form in respect|
| |of the Package Unit Option; |
| | |
+-------------------------------------+----------------------------------------+
|By Friday 2 March 2012 |Listing on the London Stock Exchange of|
| |Reclassified Shares cancelled. |
+-------------------------------------+----------------------------------------+
Definitions
The information in this announcement should be read in conjunction with the full
text of the Circular. Capitalised terms used in this announcement shall, unless
the context otherwise requires, bear the meaning given to them in the circular
issued by M&G Equity Investment Trust P.L.C. dated 12 January 2011.
Enquiries
Nathan Brown, Numis Securities: 020 7260 1426
Jonathan McClelland, Secretary: 020 7548 3027
APPENDIX - RESOLUTION PASSED
SECOND EXTRAORDINARY GENERAL MEETING OF THE COMPANY
SPECIAL RESOLUTION
1 That, in the event that the conditions (other than the passing of
this resolution) (the "Conditions") as set out in paragraph 15 of the Scheme
contained in Part IV of the circular to shareholders of the Company dated 12
January 2011 (the "Circular"), a copy of which has been laid before this
meeting and signed by the Chairman thereof, have been fulfilled:
1.1 the Company be wound up voluntarily and Laura Waters and Tim Walsh
(the "Liquidators") both of PricewaterhouseCoopers LLP, Plumtree Court, London
EC4A 4HT be appointed Liquidators for the purpose of such winding-up and any
power conferred on them by law or by this Resolution may be exercised by them
jointly or by either one of them alone;
1.2 the remuneration of the Liquidators be fixed on the basis of time
spent by them and members of their staff and they be and are hereby authorised
to draw such remuneration monthly or at such longer intervals as they may
determine;
1.3 the books, accounts and documents of the Company and of the
Liquidators be disposed of as the Liquidators see fit, subject to any legal
requirements governing the period of retention;
1.4 pursuant to section 165 of the Insolvency Act 1986 the Liquidators
be authorised to exercise such of the powers set out in Part I of Schedule 4 to
that Act as may be necessary or desirable in their judgment to give effect to
the Scheme;
1.5 the Liquidators be authorised to divide among the members in specie
the whole or any part of the assets of the Company in accordance with the Scheme
and may, for that purpose, value any assets and determine how the division shall
be carried out as between the members or different classes of members. The
Liquidators may vest the whole or any part of the assets of the Company in
trustees upon such trusts for the benefit of, inter alia, the members as they
may determine, but no member shall be compelled to accept any assets upon which
there is a liability; and
1.6 the Liquidators be empowered and directed to carry into effect the
Company's articles of association as amended by the resolutions as set out in
the notice convening the extraordinary general meeting of the Company on 24
February 2011.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: M&G Equity Investment Trust PLC via Thomson Reuters ONE
[HUG#1494644]
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