WTR.L Regulatory News (WTR)

Lazard World Trust Fund (the 'Company')

Update and interim dividend

On 20 September 2018 it was announced that the continuation resolution put forward at the annual general meeting of the Company held on that day was not passed. Since then, the Board has received feedback from a significant percentage of the Company's shareholders as to the most appropriate course of action for the Company.

In light of the feedback received from shareholders, the Board has decided to put forward proposals to effect a managed wind-down of the Company, pursuant to which the Company will seek to realise its assets in an orderly and timely manner (the "Proposals"), followed by the liquidation of the Company once substantially all of the portfolio has been realised. The Company's shares would remain listed for as long as practicable during this process, whilst the Company intends to make periodic returns of capital to shareholders expeditiously. The Board would only propose the appointment of a liquidator once substantially all of the Company's assets have been realised and the cash proceeds arising therefrom returned to shareholders.

A circular to convene an extraordinary general meeting to approve the Proposals will be published in due course.

Under Luxembourg regulations, shareholders are required to vote on these proposals, including (a) a change to the investment policy; and (b) amendments to the Articles. Until these changes are approved by shareholders at the EGM, the Manager will continue to manage the portfolio in accordance with the current investment policy, although the Board has instructed Lazard to review the current portfolio with a view to enhancing liquidity ahead of a shareholder vote on the proposals.

The publication of the circular is conditional on receipt of relevant regulatory approvals, in particular from the CSSF and the UKLA. 

Interim Dividend

The Board is pleased to announce the payment of the second interim dividend in accordance with the Company's dividend policy announced on 27 April 2018.

The second Interim Dividend of 5.835 pence per share is scheduled to be paid on 17 December 2018 to shareholders who appear on the register on 16 November 2018, with an ex-dividend date of 15 November 2018.

Enquiries:

020 7954 9599