20 April 2017
London and St Lawrence Investment Company PLC (in members’ voluntary liquidation) (the “Company”)
Update on the Scheme and Results of General Meeting
Results of the Second General Meeting
The Board of London and St Lawrence Investment Company PLC announces that at the Second General Meeting, held earlier today, the special resolutions were duly approved by Shareholders.
Accordingly, the Company has been placed into members’ voluntary liquidation and James Eldridge and Jeremy Willmont, both of Moore Stephens LLP, have been appointed as liquidators.
The Company’s Reclassified Shares and Preference Shares were suspended at 7.30 a.m. this morning.
Applications have been made to the UK Listing Authority and the London Stock Exchange for the listing and admission to trading for the Reclassified Shares and Preference Shares to be cancelled. It is expected that such cancellation will take place at 8 a.m. on 21 April 2017.
Copies of the special resolutions have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/nsm.
Terminal Asset Value
Further to the passing of the resolutions at the Company’s General Meetings and under the terms of the Proposals, the TAV of the Company was calculated as at 12 noon on 18 April 2017 and is 390.23 pence. Ordinary Shareholders who elected, or were deemed to have elected, to rollover into Practical Income Units will be receive 1.668374519 Units for every Ordinary Share.
Cheques and contract notes for Practical Income Units issued under the Scheme are expected to be dispatched by the Company’s registrars in the week commencing 24 April 2017.
In accordance with the Articles, holders of the Company’s Preference Shares will receive a distribution equal to the nominal value of £1.00 for each Preference Share and the accrued but unpaid preference dividends equal to 0.6849 pence for each Preference Share. It is expected that cheques for this payment will be dispatched in the week commencing 24 April 2017.
Purchase Price for Consistent
As part of the Proposals, and in conjunction with the liquidation of the Company, on 12 April 2017, Shareholders approved the sale of Consistent Unit Trust Management Company Limited to the Ashfield Consortium. The Ashfield Consortium will purchase Consistent Unit Trust Management Company Limited for a consideration of £3.29 million. The proceeds of this sale will be distributed to all Ordinary Shareholders on the Company’s register on 20 April 2017 during the course of the liquidation in one or more interim distributions after the settlement of the Company’s creditors.
Capitalised terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the circular dated 20 March 2017.
London & St Lawrence Investment Company PLC
Jenny Sculley +44 (0)1296 711598
Moore Stephens LLP
James Eldridge +44 (0)20 7334 9191
Cenkos Securities plc
Sapna Shah +44 (0)20 7397 1922
Shamus Henderson +44 (0)20 7397 1917
Issued by London and St. Lawrence Investment Company PLC – Registered in England No 107908