BlueCrest BlueTrend Limited Results of EGM and Tender Offer (7787K)
June 27 2014 - 9:11AM
UK Regulatory
TIDMBBTU TIDMBBTS
RNS Number : 7787K
BlueCrest BlueTrend Limited
27 June 2014
BlueCrest BlueTrend Limited
Results of EGM and Tender Offer
27 June 2014
The Directors announce that the Extraordinary General Meeting of
the Company was held on 27 June 2014. The results are as
follows:
For Against Withheld
Ordinary resolution to implement
the Tender Offer 74,433,277 0 0
----------- -------- ---------
The Chairman noted that neither Winding Up Condition had been
satisfied. Since each of the Special Resolution, the Extraordinary
Resolution and the Waiver Resolution were conditional on the
satisfaction of either Winding Up Condition, the Chairman noted
that these Resolutions would be withdrawn and not tabled to the
Meeting.
Results of Tender Offer
As set out in the Circular to Shareholders dated 5 June 2014
(the "Circular"), Shareholders were offered the opportunity to
tender up to 100 per cent of their shares in the Company as at the
Record Date at 98 per cent of NAV, less costs.
The Tender Offer closed at 1pm on 25 June 2014. The Company
announces that, in accordance with the terms and conditions of the
Tender Offer, tenders for 60,271,795 Sterling Shares and 47,886,715
US$ Shares have been accepted by the Company, representing 63.7 per
cent of the Sterling Share class and 68.0 per cent of the US$ Share
class.
Compulsory Conversion of US$ Share Class
Following completion of the Tender Offer the US$ Share class
will not meet the Shares in Public Hands Requirement. Therefore, in
accordance with the Articles, and as set out in the Circular, the
Directors have resolved to compulsorily convert all of the US$
Shares which have not been tendered into Sterling Shares.
Conversion will be on the basis of the ratio of the NAV of the
US$ Share class (less the costs of effecting such conversion), to
the NAV of the Sterling Share class, each as at 30 June 2014. For
the avoidance of doubt the NAV for each class used in the
conversion ratio will take into account the effect of the uplift as
a result of the Tender Price being at 98 per cent of NAV.
It is expected that conversion will take effect on 16 July
2014.
A further announcement will be made in due course with details
of the conversion ratio and confirming the conversion date.
Winding Up Conditions
Based on the latest published NAV per Share as at the date of
the EGM, the Company's NAV following completion of the tender offer
will be c. GBP44.8m. In addition the Sterling Shares will meet the
Shares in Public Hands Requirement. Accordingly the Company will
not be placed into voluntary winding up.
Expected Timetable
Calculation Date 30 June 2014
Announcement of the Tender Price for each On or around 8 July
class of Shares 2014
--------------------
Settlement Date By 31 July 2014
--------------------
Terms used and not defined in this announcement will have the
meanings given to them in the Circular.
Enquiries:
Robin Bowie/Katie Standley Dexion Capital plc
+44 (0)20 7832 0900
Kellie Blondel/Carol Kilby Dexion Capital (Guernsey) Limited
+44 (0)1481 743940
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFRMJTMBBTBMI
Bluecrest BL $ (LSE:BBTU)
Historical Stock Chart
From May 2024 to Jun 2024
Bluecrest BL $ (LSE:BBTU)
Historical Stock Chart
From Jun 2023 to Jun 2024