Thg Regulatory News (THG)

11 Oct 2005 14:22

Terrace Hill Group PLC11 October 2005 Terrace Hill Group plc ("Terrace Hill") Britannic Global Income Trust plc ("the Company" or "BGIT") Undernoted below for information purposes are extracts from an announcementreleased today by Britannic Global Income Trust plc in relation to the scheme ofarrangement becoming effective today. Details of the scheme of arrangement arecontained in the announcements made by BGIT on 22 July 2005 and 31 August 2005. Terrace Hill has subsequently, for all practical purposes, acquired BGIT but notits subsidiary, Britannic Global Income Securities plc, which is proposed to beliquidated. Terrace Hill intend to procure the making of applications by BGIT to the UKLAfor the cancellation of the listing of BGIT Shares on the Official List of theUKLA and to the London Stock Exchange for the cancellation of trading in BGITShares on its market for listed securities. END Britannic Global Income Trust plc (the "Company") Britannic Global Income Securities plc ("BGIS") Further to the announcement made on 31 August 2005, the Board of the Companyannounces that the scheme of arrangement under section 425 of the Companies Act1985 (the "Scheme") has today become effective in accordance with its terms. Payments due to be made to the holders of ordinary shares in the Company (the"Ordinary Shareholders") and the Company's creditors under the Scheme shall bemade within the time periods set out in the Scheme. Those assets of the Company distributed to its subsidiary, BGIS (theSubordinated Scheme Creditor in terms of the Scheme), under the Scheme will bereturned to ZDP Shareholders (after the payment of the Creditor SchemeSupervisor's fee in accordance with the Scheme and after the deduction of theongoing/ liquidation costs of BGIS) on the date of the eventual winding up ofBGIS, not on the effective date of the Scheme. Proposals to liquidate theCompany's subsidiary, BGIS, will be put to the shareholders of BGIS at anextraordinary general meeting of BGIS to be held at 12 noon on 30 November 2005in accordance with the notice of that meeting which was sent to shareholders ofBGIS on 1 August 2005. We also announce that the current directors of the Company have resigned withimmediate effect and that the resignation of the current secretary of theCompany will take effect from 5pm today, all as envisaged by the implementationof the Scheme. In their place, nominees of the Purchasers (as defined in theScheme) have been appointed - Donald Ross Macdonald has been appointed as anexecutive director of the Company and Miranda Anne Kelly has been appointed asan executive director and the secretary of the Company. 11 October 2005 This information is provided by RNS The company news service from the London Stock Exchange