Further re Share Issue terms (0860Y)
December 16 2010 - 5:32AM
UK Regulatory
TIDMPEW TIDMPRF
RNS Number : 0860Y
Premier Energy & Water Trust PLC
16 December 2010
Premier Energy and Water Trust PLC
Premier Renewable Energy Fund Limited
Final terms of issue of New PEWT Shares
For immediate release
16 December 2010
Reconstruction Proposals whereby Premier Renewable Energy Fund
Limited ("PREF") is liquidated and its shareholders offered the
opportunity to roll over their investment into New Shares to be
issued by Premier Energy and Water Trust PLC ("PEWT") were set out
in a circular to PREF Shareholders dated 30 November 2010. Words
and expressions in this announcement have the same meanings as in
that circular.
If the Proposals are approved, PREF Ordinary Shares may be
exchanged for new PEWT Ordinary Shares (the "Ordinary Rollover
Option") or for PEWT Units comprising one new PEWT Ordinary Share
and one new PEWT ZDP Share (the " Unit Rollover Option").
The boards of PEWT and of PREF announce that the exchange ratios
of PEWT Ordinary Shares and PEWT Units for every PREF Ordinary
Share has been determined by reference to the Formula Asset Value
of a PEWT Ordinary Share and of a PREF Ordinary Share based on the
closing prices of their respective portfolio investments on 14
December 2010. These FAVs amount to 181.86p per PEWT Ordinary Share
and 71.32p per PREF Ordinary Share. After deducting a 2.5% discount
to the value of a PEWT Ordinary Share and based on a valuation of
172.25p per PEWT ZDP Share in accordance with the terms of the
Proposals, it has been determined that:
0.4022 New PEWT Ordinary Shares will be issued in respect of
each PREF Ordinary Share electing, or deemed to have elected, for
the Ordinary Rollover Option; and
0.2040 New PEWT Units will be issued in respect of each PREF
Ordinary Share electing for the Unit Rollover Option.
A copy of this announcement, which contains the final terms of
the issue of New PEWT Shares described in the prospectus published
by PEWT on 30 November 2010, has been submitted to the National
Storage Mechanism and will shortly be available for inspection at:
www.Hemscott.com/nsm.do
No PEWT Units will be issued to any PREF ZCP Shareholders who
elected or are deemed to have elected to receive PEWT ZDP Shares as
a result of any scaling back.
The Proposals remain subject inter alia to the passing of the
resolutions to be proposed at meetings of PREF Shareholders on 16
and 17 December 2010. Further announcements will be made in due
course.
For further information contact:
Premier Fund Managers Limited
Nigel Sidebottom Tel: 01483 400465
Fairfax I.S. PLC (sponsor, adviser and joint broker to PEWT)
David Floyd / Gillian McCarthy Tel: 020 7598 5368
Numis Securities Limited (adviser and broker to PREF)
Nathan Brown Tel: 020 7260 1426
This information is provided by RNS
The company news service from the London Stock Exchange
END
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