Statement re Proposed Liquidation
June 30 2004 - 12:24PM
UK Regulatory
Investec European Growth & Income Trust Limited (the "Company")
Following the Offer by Red Apple Investments, LLC ("Red Apple") the Board has
been discussing the future of the Company with Red Apple and related parties
and the largest holder of Zero Dividend Preference ("ZDP") Shares representing
38.4 per cent of the issued share capital. Following such discussions the Board
has concluded that it would be in the best interests of both classes of
shareholders if the Company were placed in members' voluntary liquidation.
It is proposed that the terms of the liquidation of the Company will provide
that:
1. Ordinary Shareholders will receive an amount equivalent to the
undistributed net revenue (including retained reserves) of the Company,
initially expected to be in the region of 7.51p per Ordinary Share based on
the estimated unaudited net asset value as at 28 June 2004 and allowing for
the expected costs of the liquidation; and
2. all other assets will be paid to the ZDP Shareholders. This is initially
expected to be in the region of 64.02p per ZDP Share based on the estimated
unaudited net asset value as at 28 June 2004 and allowing for the expected
costs of the liquidation.
It is expected that a circular will be posted to all shareholders shortly
providing further details of the proposals and convening the necessary meetings
to implement the Proposals.
In preparation for proposed liquidation the Directors have today authorised the
Investment Manager to implement a programme for the disposal of the remaining
portfolio of investments.
Enquiries:
Paul Richards Tel: 020 7523 8350
Collins Stewart Limited
END
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