RNS Number:1435X
Aberdeen Emerging Economies IT PLC
12 June 2002
Aberdeen Emerging Economies Investment Trust (the "Company") Results of EGM: passing of resolutions for the winding-up of the Company
The Board of Directors of the Company announces today that two resolutions: a
special resolution to wind up the Company and to appoint Richard Setchim and Ian
Oakley Smith of PricewaterhouseCoopers as Liquidators and an extraordinary
resolution to authorise the Liquidators to carry out their duties under the
liquidation, were duly passed at the Extraordinary General Meeting of the
Company held today. The liquidation became effective immediately upon the
appointment of the Liquidators.
Distributions to shareholders The Liquidators have indicated that they anticipate being in a position to
distribute the major part of the net cash proceeds arising from the liquidation
(which on the assumption that the portfolio is readily realised is estimated to
be over 97.5 per cent. of the total) to Ordinary Shareholders as soon as
possible but expected to be on or about 24 June 2002. The remainder of the cash
proceeds will be distributed after paying the costs of liquidation and settling
all tax and other liabilities. The precise timing of this second distribution
will depend upon the progress of the liquidation and the receipt by the
Liquidators of confirmation from the tax authorities that the Company has no
outstanding tax liabilities.
Distributions to Warrantholders Cheques in respect of the first distribution to Warrantholders in respect of the
Warrantholder Entitlement are expected to be despatched on or about 24 June
2002. A further distribution is expected to be made after paying the costs of
the liquidation and settling all tax and other liabilities. The second
distribution will be made at the same time as the second distribution to
Shareholders. The precise timing of the second distribution will depend upon the
progress of the liquidation and the receipt by the Liquidators of confirmation
from the tax authorities that the Company has no outstanding tax liabilities. In
the event that the amount due in the second distribution is estimated to be
likely to be below a certain level, the Liquidators may, at their discretion,
pay the Warrantholder Entitlement in full at the time of the first distribution
to Shareholders in the interests of minimising administrative costs.
Stock Exchange dealings The register for the Shares and the Warrants is expected to be closed and the
Shares and Warrants disabled in CREST from 5.00 p.m. on 14 June 2002. The
listings by the UK Listing Authority of the Ordinary Shares and Warrants are
being suspended and will be cancelled in due course.
Dividends The Company has no distributable income in respect of the current financial
year. There will therefore not be any final dividend in respect of the period
from 1 October 2001 to today's date.
Enquiries Stephen Folland Aberdeen Asset Management PLC 020 7463 6000 Mark Bloomfield HSBC Investment Bank plc 020 7336 9000
The announcement has been issued by the Company and is the sole responsibility
of the Company. HSBC Investment Bank plc has approved this document for the
purposes of the Financial Services and Markets Act 2000 (in accordance with
transitional rules).
This announcement has been prepared for information purposes only and is not to
be relied upon in substitution for the exercise of independent judgement. It is
not intended as investment advice, and under no circumstances is it to be used
or considered as an offer to sell, or a solicitation of an offer to purchase,
any securities nor a recommendation to enter into any transaction; nor shall it
or any part of it form the basis of or be relied on in connection with any
contract or commitment whatsoever. This information is provided by RNS
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