17 Jan 2013 12:30
17 January 2013
F&C PRIVATE EQUITY TRUST PLC
Results of Meetings, Declaration of Dividendand Related Matters
Result of Meetings
A general meeting of F&C Private Equity Trust plc and a separate class meeting of the Company's restricted voting shareholders were held earlier today. The purpose of those meetings was to consider resolutions approving:
·; the conversion and redesignation of the RV Shares as Deferred Shares and their buy-back for a nominal consideration and cancellation by the Company following payment of the Final RVS Dividend;
·; amendments to the Company's articles of association to remove all references to the RV Shares upon that redesignation; and
·; cancellation of the admission of the RV Shares to the Official List and to trading on the Main Market after they have been converted and redesignated as Deferred Shares.
All of the resolutions were passed.
Final RVS Dividend
The Directors announce that they have declared a final dividend of 1.675p per RV Share, which will be payable on Thursday, 14 February 2013 to RV Shareholders on the register on Friday, 25 January 2013 (with an ex-dividend date of Wednesday, 23 January 2013). Following payment of the Final RVS Dividend share certificates in respect of RV Shares will cease to have any value.
Redesignation and Cancellation of the RV Shares
Following payment of the Final RVS Dividend, the RV Pool will have no assets and the RV Shares will automatically convert and be redesignated as Deferred Shares on Thursday, 14 February 2013. In accordance with the terms of the Deferred Shares, the Company will exercise its right to purchase compulsorily all of the Deferred Shares for an aggregate consideration of 1p on Thursday, 14 February 2013 and the purchased Deferred Shares will then be cancelled by the Company. In view of the negligible purchase consideration per Deferred Share payable by the Company, the purchase consideration will be retained for the benefit of the Company.
Suspension and Cancellation of the RVS Listing
As the RV Shares will no longer exist following their redesignation as Deferred Shares and the subsequent purchase and cancellation of the Deferred Shares, the Company has requested the FSA and the London Stock Exchange to suspend the admission of the RV Shares to the Official List and to trading on the Main Market, respectively, at 7.30 a.m. on Monday, 28 January 2013 and to cancel such admissions at 8.00 a.m. on Friday, 15 February 2013.
Enquiries
Hamish Mair (Fund Manager)/Gordon Hay Smith (Company Secretary) | F&C Investment Business Limited | T: 0131 718 1184/0131 718 1018 |
Sue Inglis | Cantor Fitzgerald Europe | T: 020 7894 8016 |
Notes
Words and expressions defined in the announcement regarding the proposals to redesignate the Company's restricted voting shares, purchase and cancel the resulting deferred shares and cancel of listing of the restricted voting shares, which was released by the Company on 21 December 2012, have the same meanings when used in this announcement.
Cantor Fitzgerald Europe, which is authorised and regulated in the United Kingdom by the FSA, is acting solely for F&C Private Equity Trust plc and for no one else, in connection with the Proposals and will not be responsible to anyone other than F&C Private Equity Trust plc for providing the protections afforded to clients of Cantor Fitzgerald Europe or for affording advice in relation to the Proposals.