Conversion of Securities

2 Jun 2006 12:08

F&C Private Equity Trust PLC02 June 2006 To: RNSDate: 2 June 2006 F&C Private Equity Trust plcThird Conversion of C Shares The third conversion of 'C' shares into 'B' shares is by reference to 30 April2006. The NAVs per 'B' share and per 'C' share as at that date, calculated forthe purpose of conversion in accordance with the articles of association*, were110.42p and 159.80p respectively. As at 30 April 2006, the net assets of the'C' pool, valued for the purpose of conversion, were £23.2 million, of which59.8% was represented by cash assets. Consequently 12.6 million 'C' shares willconvert to 8.7 million 'B' shares at the third conversion date. The conversionratio (being the number of 'B' shares resulting from the 'C' shares to beconverted) is 0.69098890. The number of 'C' shares to be converted into 'B' shares in each holding of 'C'shares as at 8 June 2006 (the record date for the third conversion) will berounded down to the nearest whole 'C' share. Fractional entitlements to 'B'shares arising on conversion will not be allocated, and will be aggregated andsold in the market for the benefit of the 'B' pool. For illustrative purposesonly, a holder of 1,000 'C' shares as at 8 June 2006 will, immediately followingthe third conversion, hold 413 'B' shares and 402 'C' shares. The third conversion will occur with effect from 9 June 2006. Applications have been made to the Financial Services Authority and to LondonStock Exchange plc for the 'B' shares arising on the second conversion to beadmitted to the Official List and to trading on the main market of London StockExchange plc respectively. It is expected that such admissions will becomeeffective on 9 June 2006. In order to facilitate the conversion, the balance of 'C' shares remainingunconverted will transfer to ISIN GB00B15C4726 and SEDOL B15C472 upon admissionof the new 'B' shares on 9 June 2006. * The quarterly NAVs value listed investments at their bid prices. The dailyNAV per 'C' share and the NAVs per 'B' share and per 'C' share for the purposeof conversion value listed investments at their mid-market prices. For further information, please contact: Hamish Mair 0131 465 1184hamish.mair@fandc.com Martin Cassels 0131 465 1095martin.cassels@fandc.com Alistair Moreton, Arbuthnot Securities Ltd 0207 012 2000 Sue Inglis, Intelli Corporate Finance 0207 653 6300 This information is provided by RNS The company news service from the London Stock Exchange