1 May 2019 12:00
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA OR THE REPUBLIC OF SOUTH AFRICA
El Oro Ltd
01 May 2019
El Oro Ltd. ("the Company") Registration No: 49778
Update on the proposals for the voluntary winding-up and reconstruction of the Company with rollover options into JPMorgan Elect plc ("JPME")
The Company announced on 30 November 2018 that it had agreed heads of terms with the board of JPME for JPME to provide a "rollover" option for the Company's members ("Members"). This proposal offers a choice to the Members of a tax and cost efficient rollover into a larger investment company with access to greater investment resource and/or realising their holding for cash. JPME provides investors access to a number of different investment strategies, including one focussed on UK equity income, through a multi-share class structure and the board of the Company ("Board") believe this will appeal to Members.
The Board is pleased to update Members that discussions with JPME are progressing and it is expected that a circular containing full details of the proposed transaction, including the terms of the proposed scheme of reconstruction (the "Scheme") and a notice convening the Company's extraordinary general meeting to approve the Company's voluntary winding-up and the implementation of the Scheme will be posted to Members by the end of May. The extraordinary general meeting is expected to be held before the end of June with the Scheme becoming effective shortly thereafter.
Certain Shareholders (being members of the Parish family and connected persons) which, together, represent 55.5 per cent. of the Company's voting share capital, have undertaken to vote in favour of the resolutions to be proposed at the extraordinary general meeting.
The Company announced on 24 April 2019 that cash held at 31 March 2019 was £27.9 million and the Company continues to make further progress in realising its investments in order to facilitate the proposed transaction.
Further information on JPME and full details of the terms of the JPME Proposal will be included in the documentation to be sent to Members.
For further information, please contact:
El Oro Ltd www.eloro.com 020 7581 2782
Robin Woodbine Parish, Chairman
Una Ni Dhonaill
Aztec Financial Services (Guernsey) Limited 01481 748831
Chris Copperwaite
Lucy Smith
Registered address: East Wing, Trafalgar Court, Les Banques, St Peter Port, GY1 3PP
End of announcement