Himalayan Fund N.V. Notice of GM and proposed cancellation (5301F)
February 21 2018 - 6:00AM
UK Regulatory
TIDMHYF
RNS Number : 5301F
Himalayan Fund N.V.
21 February 2018
Himalayan Fund N.V.
(HYF.L)
"Himalayan" or "the Company"
Notification of General Meeting and proposed cancellation of
Ordinary Shares from the Official List and to trading on the Main
Market of the London Stock Exchange
The Himalayan Fund N.V. announces the proposed Cancellation of
Ordinary Shares from the Official List and to trading on the Main
Market of the London Stock Exchange.
Reluctantly, the Directors have concluded that without assured
new cash inflows, the Board's ability to manage the Fund with firm
control of the expense base is uncertain. The Directors have also
concluded that the costs and ever increasing regulatory
requirements associated with maintaining the listings of the
Ordinary Shares on the Official List and on Euronext Amsterdam are
a drain on the Fund's financial and management resources and
outweigh its benefits. Accordingly, against such a background the
Directors have concluded that the best course of action is to take
the advantage of the current valuation level of the Indian stock
markets and to liquidate the Fund.
Under the Listing Rules, the Cancellation requires the prior
approval of a resolution (the "Resolution") by Shareholders in
General Meeting, passed by not less than 75 per cent. of those
Shareholders who vote in person or by proxy. If approved by
Shareholders, it is anticipated that the effective date of the
Cancellation will be 4 May 2018, being not less than 20 business
days from the passing of the Resolution. The shares will be
suspended from Trading on the Euronext Amsterdam platform at 11.00
a.m. on 21 February 2018.
The Circular contains a notice convening a General Meeting of
Shareholders to be held at the Herengracht 124-128, 1015 BT, The
Netherlands on 5 April 2018 at 12.30 p.m at which the Resolution
will be proposed as special resolution to approve the
Cancellation.
The Circular will be made available shortly on the Company's
website at
http://www.himalayanfund.nl/shareholder-meetings-documents/ and
will be submitted to the National Storage Mechanism where it will
shortly be available to view at www.morningstar.co.uk/uk/nsm.
Enquiries:
Himalayan Fund N.V.
Ian McEvatt
Tel: +44 (0)1534 702872
Arden Partners (Broker)
Steve Douglas
Tel: +44 (0)20 7614 5931
Notes to Editors:
Himalayan Fund N.V. ('the Company') is an investment company
with variable capital incorporated under Dutch law and has its
registered office in Amsterdam. The Company benefits from a double
tax treaty between India and the Netherlands and is a distributing
fund in the UK.
The principal objective of the Company is long term capital
appreciation for shareholders.
Currently the portfolio is wholly invested in India holding its
investments directly through its custodian in Mumbai and utilising
the benefits of the tax treaty between India and the Netherlands to
maximise the ultimate return to investors. The company may also
invest in Global Depositary Receipts and Equity Linked Notes of
Indian companies which are issued by banks and traded outside
India. From time to time the Company may also invest in Sri Lanka
and Bangladesh but this discretion is not currently used. Any
balance may be invested in Nepal and Bhutan if opportunities
arise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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