EGM statement and results of tender offer
March 11 2009 - 12:27PM
UK Regulatory
TIDMEIN
For immediate release on 11 March 2009
Eaglet Investment Trust plc ("Eaglet" or the "Company")
EGM statement and results of tender offer
On 18 February 2009, the Company announced that it had published a Circular to
Shareholders in respect of the proposals comprising a change of investment
policy, change of name, amendments to the Articles of Association, Tender Offer
to purchase up to 58 per cent. of the Shares in issue, granting of Authority to
make Market Purchases, New Investment Management Agreement and Investment
Advisory Agreement, Management Warrants Deed, cancellation of the Company's
share premium account and re-election of N Jeffrey as a Director (together the
"Proposals").
Result of the EGM
The Company announces that the results of the voting by way of a poll on each
of the Resolutions proposed at today's EGM were as follows:
Resolution Votes in % Votes % Withheld
favour* against votes**
1 14,995,654 99.9 19,225 0.1 481
2 14,992,073 99.9 22,225 0.1 1,062
3 14,957,358 99.6 53,021 0.4 2,981
4 14,996,784 99.9 12,916 0.1 3,660
5 14,991,102 99.9 21,675 0.1 2,583
6 14,945,545 99.7 43,630 0.3 26,184
7 14,940,121 99.7 39,600 0.3 33,638
8 14,932,604 99.7 50,006 0.3 32,749
9 14,939,394 99.7 41,600 0.3 34,365
10 14,160,328 96.6 500,743 3.4 354,288
* The "in favour" votes include those votes giving the Chairman discretion
** The "withheld" votes are not counted towards the votes cast
The Company is pleased to announce that all Resolutions proposed at the EGM
were duly passed and therefore the Proposals set out in the Circular will be
implemented accordingly.
At the EGM, the Shareholders approved the change of name of the Company to The
Directors' Dealing Investment Trust Plc and therefore it is expected that the
Company's ticker will change from EIN.L to DDIT.L at 7 a.m. on Thursday 12
March 2009.
Result of the Tender Offer
In connection with the Tender Offer, the Company confirms that valid Tender
Forms have been received in respect of 18,113,742 Shares, representing 81.9 per
cent. of the issued share capital. Subject to the terms and conditions of the
Tender Offer, the total number of Shares to be bought back will be 12,831,877
Shares. Such Shares will be cancelled by the Company. Shareholders shall have
their Basic Entitlement satisfied in full and applications in excess of the
Basic Entitlement will be satisfied as to approximately 24.9 per cent.
Accordingly, a Shareholder who tendered all of their Shares will have
approximately 68 per cent. of their Shares purchased at the Tender Price.
It is expected that the Tender Price will be announced on 3 April 2009
following cancellation of the Company's share premium account, with cheques
despatched and CREST accounts credited in respect of the Tender Offer proceeds
and unsold uncertificated Shares and balance share certificates despatched in
respect of unsold certificated Shares as soon as reasonably practicable after 3
April 2009.
Enquiries:
Steve Winrow 01624 623994
Knox D'Arcy Asset Management Ltd
Alastair Moreton 020 7012 2000
Hannah Pearce
Arbuthnot Securities Limited
Capitalised terms used in this announcement will have the same meaning as in
the circular dated 18 February 2009 unless the context requires otherwise.
Arbuthnot Securities Limited, which is regulated by the Financial Services
Authority, is acting for Eaglet Investment Trust plc and no-one else and will
not be responsible to any person for providing the protections afforded to its
customers nor for providing advice in relation to the Proposals nor any other
matter referred to in this announcement.
END
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