23 Jan 2008 18:00
EUROPEAN UTILITIES TRUST PLC RECONSTRUCTION
As announced on 17 January, as at 11.00 a.m. on 16 January 2008 (being the last time and date for receipt of Forms of Election from Ordinary Income Shareholders and ZCP Shareholders under the Scheme) elections have been received, electing for cash, in respect of 65.66% Ordinary Income Shares and 62.66% ZCP Shares. Accordingly, as the opportunity offered to Ordinary Income Shareholders to realise the whole or part of their investment for cash is limited, in aggregate, to 50 per cent of the Ordinary Income Shares in issue elections will be scaled back accordingly.
In light of the fact that elections made by Ordinary Income Shareholders are being scaled back Premier Renewable Energy Fund Limited ("PREF") has informed the Company that, subject to the Scheme being implemented to include the admission of its issued share capital to trading on the London Stock Exchange's main market for listed securities ("Admission"), PREF currently intends, subject to all appropriate consents and requirements of Guernsey law (to include the approval of the Court in Guernsey to the cancellation of share premium account to create a reserve to fund the purchase of ordinary shares in PREF) to exercise the power granted to it to buy back up to 14.99% of its ordinary shares in issue (calculated as at the date of Admission) in order to provide those EUT Shareholders whose elections for a cash realisation under the Scheme were scaled back with an opportunity (within the limitations imposed on PREF) to realise cash for the PREF ordinary shares which they have received.
Any buy-backs made by PREF will be made in accordance with the guidelines in respect of the same set out in the prospectus published by PREF on 17 December 2007.
The Scheme does, however, remain subject to the passing of the various resolutions to be proposed at the extraordinary general meeting and separate class meetings of the Ordinary Income Shareholders and ZCP Shareholders (which were convened for 17 January 2008 and which were adjourned to 24 January 2008) and at the second extraordinary general meeting (convened for 25 January 2008 and which, following the adjournment of the separate class meetings and first extraordinary general meeting, will be adjourned to 1 February 2008).
Terms defined in the circular to shareholders dated 17 December 2007 shall, save where the context otherwise requires, have the same meanings in this announcement.
Enquiries:
Nigel Sidebottom, Premier Asset Management 01483 400 465
Paul Richards/James King, Fairfax I.S. PLC 020 7598 5368
23 January 2008
EUROPEAN UTILITIES TRUST PLC