End of life proposals
April 04 2008 - 1:29PM
UK Regulatory
US SPECIAL OPPORTUNITIES TRUST PLC - End of life proposals
4 April 2008
Further to feedback from holders of Capital Shares, and in consultation with
holders of Income Shares, both holding significant proportions of the shares of
each class, the Board has revised the terms of proposals to be put to
shareholders in advance of the scheduled wind up date of the Company of 30 May
2008 which were announced on 28 March 2008.
The revised proposals being considered remain as per the announcement of 28
March 2008 with the exception of the following amendments:
* the life of the Company will be extended until 31 May 2011 (with the
existing classes of Income Shares and Capital Shares still being retained);
* the investment objective and policy of the Company will be amended and the
portfolio managed with the objective of providing shareholders with capital
growth through investment in equity and equity-related instruments which
will be predominantly securities domiciled, listed, quoted or traded in
North America (some of these securities will have an underlying business
that is not in North America). The portfolio will be managed on the basis
that the Company is fully invested in equity and equity-related instruments
to the extent practicable for the remainder of its life (subject to the
recommendation of the Fund Manager who may wish to increase the cash
holding due to market conditions). Liquidity will be managed so that the
costs of realising the portfolio (including market impact costs) are
reduced to the extent practicable as the end of the life of the Company
approaches. It is expected that liquidation of investments will take place
in the last three months of the life of the Company so that a mixture of
liquid securities and cash are handed to the liquidator. The Company may
use an element of gearing if appropriate;
* a tender offer will be made to Income Shareholders (save for certain
overseas shareholders) at 100p per share (irrespective of the actual asset
values of the shares), so as to provide a cash exit on or around 30 May
2008 for no more than 50 per cent of their shareholding. Income
Shareholders who do not elect for a cash exit shall remain invested in the
Company. For the avoidance of doubt, Income Shareholders who elect for a
greater percentage shall be scaled back to 50 per cent;
* the rights of the Income Shares will be amended so as to provide Income
Shareholders with a revised and increased final capital entitlement per
Income Share on 31 May 2011: the proposal is that, on a winding-up or
return of capital, and subject to sufficiency of assets, the remaining
Income Shareholders will be entitled to a final capital entitlement on 31
May 2011 of GBP1.2082 per Income Share.
A circular in relation to these proposals is expected to be published in early
May for approval at separate class meetings of Income Shareholders, Capital
Shareholders and ZDP Shareholders and an Extraordinary General Meeting of the
Company to be convened on 30 May 2008. If the proposals are not approved by
Shareholders, a resolution will be proposed at a Second Extraordinary General
Meeting convened for the same day at which a resolution to wind up the Company
voluntarily will be put. Weighted voting rights under the Articles mean that
this resolution will be passed if put.
Enquiries:
Cenkos Securities plc- William Rogers/Dion Di Miceli 0207 3971920/1921
Duncan Abbot, Chairman Tel: 07702 776320
END
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