AGE August Equity

RNS Number:4838Z
August Equity Trust PLC
02 July 2007


Not for release, publication or distribution, in whole or in part, in or into
the United States, Canada, Australia, South Africa or Japan.



2 July 2007



Announcement of results of Tender Offer and Matching Purchase Facility, Placing
and issue of New Shares in connection with the reconstruction of Rutland Trust
PLC



The Company announces the results of the Tender Offer and Matching Purchase
Facility, Placing and issue of New Shares in connection with the reconstruction
of Rutland Trust PLC. Terms used in this announcement bear the meanings given to
them in the circular to shareholders dated 23 May 2007.



The estimated Net Asset Value per Share at 29 June 2007 prior to the Proposals
was 345.10p.



The Tender Offer, Matching Purchase Facility and Placing have now become
unconditional and have been completed. The Tender NAV at the Calculation Date
(the close of business on 29 June 2007) was 342.0194 p per Share. The Tender
Price was 331.7588p per Share.


The result of the Tender Offer was as follows:



  *    Total number of Shares in issue as at the Record Date: 27,079,500

  *    Total number of Shares validly tendered under the Tender Offer:
       17,403,522

  *    Total number of Shares validly purchased under the Matching Purchase
       Facility and Placing: 5,557,416

  *    Total number of Shares repurchased by the Company: 10,831,800

  *    Ordinary Shareholders who tendered in excess of the Basic Entitlement 
       will have 89.7316792 per cent. of their excess satisfied.



Settlement of the Tender Offer is expected to be made in CREST by 5 July 2007
and where relevant, payments by cheque shortly thereafter.



The Company announces that 3,534,512 New Shares of 5 pence each will be issued
in connection with the reconstruction of Rutland Trust plc.  The New Shares will
be issued at 349.4747p (rounded to 4 decimal places) per Share to holders of
Rutland who elected, or were deemed to have elected, to receive them.
Application has been made to the UK Listing Authority to list the New Shares on
the Official List.  Dealings in the New Shares are expected to commence at 8
a.m. on 3 July 2007.



Following the reconstruction, the Company will have 19,782,212 Shares in issue,
and based on the estimated Net Asset Value at 29 June 2007 the initial Net Asset
Value per Share is 347.35p with initial net assets of approximately #68.7
million, including:

                                                                           #m


August Equity Partners I and other funds managed by AEP                    24.2

The Rutland Fund I                                                         24.5

Parallel Equity Partners 2006 LP                                           17.0
                                                           
Other limited partnerships and direct investments                           2.0



The Company has also entered into #30 million commitment to August Equity
Partners II and will enter into a commitment to Rutland Fund II of #10 million.
Both these commitments were undrawn at 2 July 2007.



With effect from 2 July 2007, the Company's investment policy is to produce
capital gains through exposure to private equity investments in a diversified
portfolio of private equity funds.  John Duffield has been appointed as a
director of the Company and New Star Asset Management Limited has been appointed
as investment manager of the Company.



With effect from 3 July 2007 the Company's registered office will be changed to
1 Knightsbridge Green, London, SW1X 7NE , the Company's name will be New Star
Private Equity Investment Trust PLC and the Company's shares will trade under
the code "NSPE".



Enquiries



John Mackie                                                      020 7632 8200
Chairman, New Star Private Equity Investment Trust PLC



Ravi Anand                                                       020 7225 9200
New Star Asset Management Limited



Angus Gordon Lennox                                              020 7588 2828
JPMorgan Cazenove Limited





JPMorgan Cazenove Limited, which is regulated in the United Kingdom by the
Financial Services Authority, is acting for August and no-one else in connection
with the proposals  and will not be responsible to anyone other than August for
providing the protections afforded to clients of JPMorgan Cazenove Limited or
for providing advice in relation to the proposals.



This announcement does not constitute, or form any part of, any offer for, or
solicitation of any offer for, securities.  Any acceptance or other response to
the Proposals should be made on the basis of the information contained in the
Circular.



END




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

TENUUUNRBKRBRAR

August Equity Trust (LSE:AGE)
Historical Stock Chart
From Nov 2024 to Dec 2024

August Equity Trust (LSE:AGE)
Historical Stock Chart
From Dec 2023 to Dec 2024