TIDMBSRT
RNS Number : 3833A
Baker Steel Resources Trust Ltd
28 May 2019
28 May 2019
BAKER STEEL RESOURCES TRUST LIMITED
(the "Company")
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
Results of AGM & Tender Offer
The Board is pleased to announce that the Resolutions, including
the approval of the tender offer authority, put to the Shareholders
at the Company's Annual General Meeting held today were duly
passed.
The proxy votes received in advance of the meeting are shown
below:
Resolution In favour Discretionary Against Withheld
1 50,853,346 0 0 0
------------- -------------- -------- ----------
2 50,853,346 0 0 0
------------- -------------- -------- ----------
3 50,853,346 0 0 0
------------- -------------- -------- ----------
4 50,853,346 0 0 0
------------- -------------- -------- ----------
5 50,853,346 0 0 0
------------- -------------- -------- ----------
6 50,853,346 0 0 0
------------- -------------- -------- ----------
7 49,605,346 0 0 1,248,000
------------- -------------- -------- ----------
8 50,853,346 0 0 0
------------- -------------- -------- ----------
9 50,853,346 0 0 0
10 50,853,346 0 0 0
------------- -------------- -------- ----------
Further to the announcement on 9 May 2019, the Tender Offer by
Numis Securities Limited (Numis) was for up to 9,677,498 Ordinary
Shares at 51 pence per share. The Board announces that a total of
65.6% of the Company's Shares in issue (including Management
Ordinary Shares but excluding treasury shares) have been validly
tendered under the Tender Offer and accordingly that the Tender
Offer was oversubscribed.
The Basic Entitlement of all Shareholders who have validly
tendered their Shares will be accepted in full and excess tenders
will be satisfied to the extent of approximately 3.6404% of the
excess Ordinary Shares tendered.
In accordance with the terms of the Tender Offer 9,677,478
Ordinary Shares will be purchased by Numis on 29 May 2019 and all
such shares will then be repurchased by the Company pursuant to the
Repurchase Agreement and cancelled.
The total value of Shares to be purchased is GBP4,935,514.
It is expected that assured payment obligations for
uncertificated Ordinary Shares will be created by 5 June 2019 and
that cheques will be dispatched in respect of successfully tendered
certificated Ordinary Shares on the same day.
Following the implementation of the Tender Offer the Company
will have 106,462,502 Shares in issue (106,453,335 Ordinary Shares
and 9.167 Management Ordinary Shares) with a further 700,000
Ordinary Shares held in treasury.
The Company's total voting rights following completion of the
Tender Offer and the repurchase of the tendered Shares pursuant to
the Repurchase Agreement will be 106,453,335.
As detailed in the Circular, there is a Deemed Concert Party
(full details set out in paragraph 4 to Part VI of the Circular
dated 9 May 2019) in the Company that prior to the Tender Offer
held an aggregate of 36,910,436 shares (including 10,000 Management
Ordinary Shares), representing approximately 32% of the voting
share capital in the Company. As a result of the participation in
the Tender Offer by the Deemed Concert Party to at least its
aggregate Basic Entitlement, the Shareholding of the Deemed Concert
Party has decreased as a percentage of the Company's issued share
capital.
Capitalised terms used in this announcement shall, unless the
context otherwise requires, bear the meanings given to them in the
circular dated 9 May 2019 issued by the Company in connection with
the Tender Offer.
Director Changes
As discussed in its audited accounts, the Company also announces
that Christopher Sherwell retired as a director of the Company at
the annual general meeting held earlier today. The board would like
to take this opportunity to thank Chris for his invaluable
contribution to the Company over the last 9 years. As announced on
24 May 2019 David Staples joins the Board on 29 May 2019.
Enquiries:
Baker Steel Resources Trust Limited +44 20 7389 8237
Francis Johnstone
Trevor Steel
Numis Securities Limited +44 20 7260 1000
Nathan Brown
Matthew Goss
Further details of the Company and its investments are available
on the Company's website www.bakersteelresourcestrust.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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