Martin Currie Asia Uncnst Trust PLC Future of the Company (0686B)
04 Junio 2019 - 3:47AM
UK Regulatory
TIDMMCP
RNS Number : 0686B
Martin Currie Asia Uncnst Trust PLC
04 June 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EC NO. 596/2014)
("MAR")
Martin Currie Asia Unconstrained Trust plc (the "Company")
Future of the Company
The board of the Company (the "Board") has conducted a review to
assess the continuing commercial viability of the Company and sees
little prospect of any significant improvement in the key issues
affecting the rating of the Company's shares in the market. As a
result, the Board has concluded that it is appropriate to take
action in the best interests of all shareholders.
Despite the Company's investment mandate changing to the Asia
Long-Term Unconstrained strategy ("ALTU") in August 2014, and
broadly meeting its investment objective since then, the Company's
shares have continually traded at a steep discount to their
underlying net asset value, which has prevented material growth in
the Company's assets. The discount, and the relative size of the
Company (as the smallest measured by net assets amongst the
Association of Investment Companies' Asian peer groups), along with
poor liquidity in its shares, continue to present structural
hurdles that deter potential new buyers of the Company's
shares.
However, the Company's continuation vote in July 2018, and
ongoing shareholder feedback, confirm that shareholders endorse the
ALTU strategy, hence the Board's recommendation to propose a scheme
of reconstruction of the Company under section 110 of the
Insolvency Act 1986 (the "Rollover Scheme"), which, if effected,
would result in the voluntary liquidation of the Company and a tax
efficient rollover of its assets into in an open ended vehicle (as
described in the paragraph below), which should provide enhanced
liquidity.
Therefore, the Board announces its intention to publish
proposals to effect the Rollover Scheme, which, if effected, would
provide the Company's shareholders with the default option of
rolling some or all of their shares into shares to be issued by an
open ended investment company managed by Martin Currie Investment
Management Limited, within the Legg Mason Investment Funds ICVC
umbrella. It is intended this open ended investment company will
follow the Asia Long-Term Unconstrained strategy currently pursued
by the Company and have a similar investment objective. The
alternative for shareholders will be a cash exit.
Detailed proposals will be put forward in a circular to be sent
to Shareholders in due course, which will include, inter alia, the
terms and conditions of the Rollover Scheme and a timetable for the
necessary general meetings to seek shareholder approval of the
proposals. If the proposals are subsequently approved by
shareholders, the conditions to the Rollover Scheme are fulfilled
and the Rollover Scheme is effected, it is expected that the
Company will go into voluntary liquidation.
A further update will be given as soon as practicable.
Enquiries:
Peel Hunt LLP
Luke Simpson 020 7418 8900
Liz Yong
Legal Entity Identifier 549300ZKNK4O55N18863
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END
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