ScotGems Plc Result of General Meeting
September 08 2022 - 9:30AM
UK Regulatory
TIDMSGEM
ScotGems plc
LEI Number: 549300GQHCPU9P1NYM13
8 September 2022
Result of General Meeting
Further to the circular (the "Circular") and notice of general meeting (the "
Notice") to shareholders announced and published on 18 August 2022 by ScotGems
plc (the "Company"), the Board of the Company announces that the special
resolution to place the Company into members' voluntary liquidation, as set out
in the Notice, was voted on by way of a poll and approved by the Company's
shareholders at the General Meeting held earlier today. Accordingly, Derek Neil
Hyslop and Richard Peter Barker of Ernst & Young LLP have been appointed as
Liquidators.
The votes received for and against the special resolution and the number of
votes withheld were as follows:
Resolution Votes For % (of Votes % (of Total Votes
(including votes cast Against votes cast votes cast Withheld
discretionary) excl. excl.
withheld) withheld)
To approve 31,101,986 99.76 74,035 0.24 31,176,021 2,500
the members'
voluntary
liquidation
of the
Company,
appoint the
Liquidators
and grant the
Liquidators
certain
powers.
The full text of the special resolution can be found in the Notice contained in
the Circular. The Circular is available for viewing on the National Storage
Mechanism at data.fca.org.uk/#/nsm/nationalstoragemechanism and on the
Company's website at www.scotgems.com.
Suspension and Cancellation of Shares
As set out in the Circular, the Shares were suspended from listing on the
Official List of the Financial Conduct Authority and from trading on the London
Stock Exchange at 7.30 a.m. this morning, 8 September 2022, in anticipation of
the General Meeting.
Applications have been made to the Financial Conduct Authority and to the
London Stock Exchange for the cancellation of the listing and admission to
trading of the Shares with effect from 8.00 a.m. on 9 September 2022.
Initial Distribution
The Investment Manager has now realised 100 per cent. of the value of the
Portfolio, with the vast majority of the proceeds of these sales being held in
Sterling.
The only unrealised investments in the Portfolio are depositary receipts in Fix
Price Group Ltd, a retailer with exposure to the Russian market, which are
currently incapable of being traded due to legal restrictions imposed in
response to the war in Ukraine. It is not known when, or indeed if, such
regulations will be revised to permit the Company to dispose of these
depositary receipts and, as previously advised, they are currently held at nil
value for accounting purposes.
The Liquidators therefore expect to make an initial distribution of the cash
proceeds of the liquidation of the Company's portfolio, less the costs of the
Proposals and the amount attributable to the Liquidation Fund, on or around 13
September 2022 (the "Initial Distribution").
It is expected that this Initial Distribution will be 79 pence per Share.
Defined terms used in this announcement have the meanings given to them in the
Circular unless the context otherwise requires.
Enquiries:
Liquidators +44 (0)131 460 2310
Derek Neil Hyslop
Richard Peter Barker
END
(END) Dow Jones Newswires
September 08, 2022 09:30 ET (13:30 GMT)
Scotgems (LSE:SGEM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Scotgems (LSE:SGEM)
Historical Stock Chart
From Jul 2023 to Jul 2024