UIL Limited Acquisition of shares in Zeta Resources Limited
October 10 2024 - 2:00AM
RNS Regulatory News
RNS Number : 6169H
UIL Limited
10 October 2024
10
October 2024
UIL
LIMITED
(LEI
Number: 213800CTZ7TEIE7YM468)
Acquisition of shares in Zeta Resources
Limited
The Board of UIL Limited ("UIL")
announces that, as referred to in UIL's annual report and accounts
released on 8 October 2024, UIL plans to merge the Zeta Resources
Limited ("Zeta") investment platform into UIL.
UIL has entered into a sale and
purchase agreement with General Provincial Life Pension Fund
Limited ("GPLPF") to acquire all the 187,572,396 ordinary shares in
Zeta held by GPLPF, leading to UIL owning 95.03% of the share
capital of Zeta. UIL has given notice to acquire the
remaining Zeta shares that it currently does not own by compulsory
acquisition in accordance with s103 of the Companies Act 1981 of
Bermuda. GPLPF currently holds 65.5% of UIL's ordinary shares
and is therefore a related party for the
purposes of DTR 7.3.
Based on the net asset value per share
of Zeta as at 8 October 2024 of A$0.2973, GPLPF's Zeta shares are
valued at £28.7m and the consideration will be satisfied through
the transfer to GPLPF of UIL's investment in Allectus Capital
Limited, an unlisted investment company with a portfolio of
technology businesses (valued at £12.8m as at 8 October 2024) and
the issue to GPLPF of 9,504,199 new UIL ordinary shares at £1.6655
each (being equal to the net asset value per UIL ordinary share as
at 8 October 2024 of £1.5445 adjusted for UIL's investment in Zeta
valued at its underlying net asset value per share). The use
of net asset values at the latest practicable date prior to entry
into the sale and purchase agreement will ensure no pro-forma
dilution in UIL's net asset value per share. Starting on 11
October 2024, for UIL's daily net asset value reporting, UIL
intends to value its investment in Zeta at its underlying net asset
value per share.
Application has been made to the
London Stock Exchange for the 9,504,199 new UIL ordinary shares to
be admitted to trading on the Specialist Funds Segment of the Main
Market of the London Stock Exchange. Admission of the new UIL
ordinary shares is expected on or around 14 October
2024.
Following admission,
the total number of UIL ordinary shares with voting
rights in issue will be 93,259,784
and GPLPF will hold 69.0% of
UIL's enlarged ordinary share capital.
Name of contact and telephone number
for enquiries:
Charles Jillings
ICM Investment Management
Limited
Telephone: 01372 271486
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END
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