Share Split and CREST
May 04 2004 - 1:40PM
UK Regulatory
RNS Number:2886Y
Prospect Japan Fund Ld
04 May 2004
The Prospect Japan Fund Limited
30 April 2004
As previously announced, Close Brothers Securities was appointed as broker to
the Company on 3 March 2004. At that time the Company's shares commenced trading
on the London Stock Exchange's SEAQ trading system. Since that date, the share
price has increased from $13.49 to $17.64 as at 30 April 2004. In order to
improve the liquidity of the Company's shares, the Directors believe it will be
beneficial to shareholders to split the ordinary share capital and amend the
Company's Articles of Association to enable the shares to trade through CREST,
as set out in detail below. Accordingly the Directors have today announced that
they are seeking shareholders' approval for these proposals at the forthcoming
Annual General Meeting to be held at 2.00p.m. on 26 May 2004.
Share Capital
In order to increase the liquidity and hence the marketability of the shares,
the Directors propose that the shares be split in the ratio of 10 new shares for
each existing share. The new shares will have the same rights as attached to the
ordinary shares of US$0.01 each set out in the Articles of Association of the
Company. The nominal value per ordinary share will be reduced from US$0.01 to
US$0.001; this split will not affect the underlying value of an individual's
shareholding in the Company. Shareholders who hold their shares in certificated
form will be issued with new share certificates. Existing certificates will
cease to have any value.
Application for admission to the Official List of the UK Listing Authority and
for trading on the main market of the London Stock Exchange will be made in
respect of the ordinary shares of US$0.001. The record date, at which time the
register will close in respect of the existing shares, will be close of business
on 26 May 2004. Trading in the ordinary shares is expected to commence on 27 May
2004.
CREST Settlement
The Directors believe that in addition to the shares settling in Euroclear, it
will be beneficial for the shares to be admitted to CREST. CREST is a paperless
settlement procedure enabling securities to be evidenced otherwise than by a
certificate and transferred otherwise than by a written instrument. CREST is a
voluntary system and holders of shares who wish to receive and retain share
certificates once the shares are admitted to CREST will still be able to do so.
The Articles of Association of the Company do not currently permit the holding
of shares under the CREST system. Accordingly shareholders are being asked to
pass a special resolution adopting new Articles of Association.
Enquiries:
Douglas Mackay 01481 745 339
Guernsey International Fund Managers
David Benda 020 7621 5562
Close Brothers Securities
This information is provided by RNS
The company news service from the London Stock Exchange
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