TIDMPRF TIDMPEW 
 
RNS Number : 4553W 
Premier Renewable Energy Fund Ltd 
18 November 2010 
 

18 November 2010 
 
                      Premier Renewable Energy Fund Limited 
 
                                New Transaction 
 
The board of directors (the "Board") of Premier Renewable Energy Fund Limited 
("PREF") today announces that it has reached agreement in principle with the 
board of directors of Premier Energy & Water Trust PLC ("PEWT") regarding 
proposals for a scheme of reconstruction and voluntary winding-up of PREF (the 
"Proposals"). 
By way of background, in light of the fact that the zero coupon preference 
shares in PREF (the "PREF ZCP Shares") are due to be repaid by 31 December 2010, 
following which PREF's assets would be significantly reduced, discussions 
commenced between the boards of directors of PREF and PEWT regarding potential 
options. The Board consider that proposals which would provide a rollover of 
PREF shareholders' investments into a larger investment vehicle with a similar 
investment objective and policy to PREF, whilst giving holders of PREF ZCP 
Shares the option to receive cash in accordance with the terms of the PREF ZCP 
Shares, would be favourable for PREF shareholders. Similarly, the PEWT Board 
believes that the Proposals would be beneficial to PEWT in a number of ways, 
including, inter alia, an increase in the size of PEWT's portfolio and a 
reduction in PEWT's total expense ratio going forward. 
Pursuant to the Proposals, holders of ordinary shares in PREF ("PREF Ordinary 
Shareholders") will be entitled to elect either to receive ordinary shares in 
PEWT ("PEWT Ordinary Shares") or units in PEWT ("Units"), with each unit 
comprising 1 zero dividend preference share in PEWT ("PEWT ZDP Share") and 1 
PEWT Ordinary Share. PREF ZCP Shareholders will be entitled to elect either to 
receive PEWT ZDP Shares (subject to potential scaling back into Units) or for 
cash repayment at their final capital entitlement in accordance with the terms 
of the PREF ZCP Shares. 
The Proposals have been designed to ensure that the number of PEWT ZDP Shares in 
issue following the Proposals shall not cause the ratio of PEWT Ordinary Shares 
to PEWT ZDP Shares to exceed the level set out in PEWT's articles of association 
and that the potential NAV dilution for PREF Ordinary Shareholders rolling over 
into PEWT is mitigated, whilst at the same time ensuring that the NAV for PEWT 
shareholders will be broadly maintained or enhanced. The Proposals are subject 
to approval of the shareholders of PREF and PEWT. 
Further details of the Proposals will be announced in due course.  PREF intends 
by the end of November 2010 to publish a circular containing details of the 
Proposals, setting out the actions that a PREF shareholder should take in 
relation to the options for PREF shareholders and convening PREF shareholder 
meetings. 
 
                                     -End- 
 
For further information contact: 
 
+---------------+------------------------+--------------------+ 
| Nigel         | Premier Asset          | 01483 400465       | 
| Sidebottom    | Management Limited     |                    | 
+---------------+------------------------+--------------------+ 
| Nathan Brown  | Numis Securities       | 020 7260 1426      | 
|               | Limited                |                    | 
+---------------+------------------------+--------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 STRKKFDDABDDBDD
Prf A (LSE:PRF)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Prf A Charts.
Prf A (LSE:PRF)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Prf A Charts.