Statement re Liquidation and formula asset values
October 03 2008 - 2:00AM
UK Regulatory
Framlington Income & Capital Trust PLC
RIS Announcement
2 October 2008
For immediate release
Liquidation and Formula Asset Values
Framlington Income & Capital Trust PLC (the "Company"), which went into
members' voluntary liquidation on 30 September 2008, announces the final
formula asset values of an Income Share and a Capital Share elected for the
different options in the Scheme of reconstruction and Liquidation of the
Company and the rollover ratios in respect of Shares elected to rollover into
AXA Framlington Equity Income Fund or AXA Framlington UK Select Opportunities
Fund. Terms defined in the circular (the "Circular") to Shareholders published
by the Company on 27 August 2008 shall have the same meaning in this
announcement.
As set out in the Circular, in order to facilitate the Scheme of reconstruction
and the rollover, the assets of the Company were split into four separate pools
as at close of business on 25 September 2008, being the EIF Pool, the SOF Pool,
the Cash Pool and the Liquidation Pool. The EIF Pool represents the
entitlements of Shareholders electing or deemed to have elected to rollover
into EIF, the SOF Pool represents the entitlements of Shareholders electing or
deemed to have elected to rollover into SOF and the Cash Pool represents the
entitlements of Shareholders electing or deemed to have elected to take their
entitlements in cash. In total holders of 4,870,677 Income Shares elected (or
were deemed to have elected) to receive units in AXA Framlington Equity Income
Fund and/or AXA Framlington UK Select Opportunities Fund and holders of
5,310,649 Capital Shares elected (or were deemed to have elected) to receive
units in AXA Framlington UK Select Opportunities Fund and/or AXA Framlington
Equity Income Fund. This is a correction to the figures of 4,919,217 Income
Shares and 5,734,262 Capital Shares announced on 30 September 2008.
The formula asset values attributable to the Income Shares and the Capital
Shares under the Scheme as at 12 noon on 30 September 2008 are set out in the
table below (as a result of the pools having been created as at close of
business on 25 September 2008 and having been ring fenced since then, the
formula asset values in respect of a Capital Share varies slightly depending on
whether it has been in the EIF Pool, the SOF Pool or the Cash Pool).
Share type Pool Formula asset value per
share
Income Share* EIF Pool 30p
SOF Pool 30p
Cash Pool 30p
Capital Share EIF Pool 174.39875p
SOF Pool 171.98723p
Cash Pool 171.28509p
*The formula asset value per Income Share shown above does not include the
undistributed revenue reserves of the Company up to the date of liquidation.
These revenue reserves are for the benefit of the Income Shareholders and will
be distributed to the Income Shareholders during the liquidation process.
Shareholders who have elected or are deemed to have elected for the Cash Option
will receive an amount in cash equal to the formula asset value (as set out
above) of those Shares held by them.
The issue price under the Scheme of an EIF income unit and EIF accumulation
unit and the issue price of an SOF income unit and an SOF accumulation unit
have been calculated by the Unit Trust Manager in accordance with the Unit
Trust Regulations and the terms of EIF and SOF (but on the basis that the usual
initial charge of 5.25 per cent. has been waived) and is as follows.
Type of unit Issue price
Income unit in EIF �4.573
Accumulation unit in EIF �11.060
Income unit in SOF �8.236
Accumulation unit in SOF �13.590
Therefore, the rollover ratios in respect of Income Shares and Capital Shares
rolling over into Units are as follows.
Type of Share Rolling over into No. of Units to be issued
per Share
Income Share Income units in EIF 0.06560
Accumulation units in EIF 0.02712
Income units in SOF 0.03643
Accumulation units in SOF 0.02208
Capital Share Income units in EIF 0.38137
Accumulation units in EIF 0.15768
Income units in SOF 0.20882
Accumulation units in SOF 0.12655
All enquiries
Neil Winward, AXA Framlington Investment Management Limited
Tel. 020 7330 6619
Mobile: 07826 551124
Chris Day, Deloitte and Touche LLP
Tel. 020 7007 2548
Mobile: 07768 711 508
END
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