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12 Aug 2008 17:23
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN
Queen's Walk Investment Limited
Result of Extraordinary General Meeting and Repurchase of Shares
Queen's Walk Investment Limited (the "Company") announces that at the extraordinary general meeting of the Company held earlier today, 12 August 2008, the shareholders of the Company approved the special resolution authorising the Tender Offer as defined in the Company's Circular to shareholders dated 18 July 2008 (the "Tender Offer Circular"). Definitions used in the Tender Offer Circular also apply in this announcement.
The special resolution approving the Tender Offer was passed on a show of hands by those present at the meeting. Had a poll been held, the result would have been:
For: 20,594,790 Against: None
Withheld: None
The total number of Ordinary Shares voted was 20,594,790, representing 68.24 per cent. of the share capital of the Company in issue as at the time of the meeting.
Accordingly, the Tender Offer has become unconditional and the Company will repurchase 2,999,981 Ordinary Shares under the Tender Offer. The Company expects to dispatch cheques and credit CREST accounts with Tender Offer proceeds by 15 August 2008. The Company also expects that unsold Ordinary Shares will be released by the Escrow Agent (for uncertificated holders) or their share certificates will be returned (for certificated holders) by 15 August 2008.
Commenting on the Tender Offer, Tom Chandos, Chairman, said: "The tender offer has enabled approximately €14,999,905 million to be returned to Shareholders in an effective way and the result is also accretive to continuing Shareholders".
At the close of business on 8 August 2008, the Company had 30,177,898 Ordinary Shares in issue, of which 2,999,981 will be repurchased pursuant to the Tender Offer.
For further information please contact:
Investor Relations:
Caroline Villiers +44 (0) 20 7153 1521
About the Company:
Queen's Walk Investment Limited is a Guernsey-incorporated investment company listed on the London Stock Exchange. The Company's investment objective is to preserve capital and to provide stable returns to shareholders in the form of quarterly dividends. To achieve this, Queen's Walk invests primarily in a diversified portfolio of subordinated tranches of asset backed securities, including the unrated "equity" or "first loss" residual income position typically retained by the banks or other financial institutions which have originated the loan assets that collateralise a securitisation transaction. The Company makes such investments where its investment manager, Cheyne Capital Management Limited, considers the coupon or cash flows from the investment to be attractive relative to the credit exposure of the underlying asset collateral.
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