Offer of a Cash Exit in respect of the Cash Fund Shares
The Company's issued share capital currently consists of
44,663,600 UK Emerging Companies Shares and 3,877,914 Cash Fund
Shares. Each UK Emerging Companies Share carries 1.2 votes each and
each Cash Fund Share currently carries one vote at meetings of
shareholders.
The Company's Articles of Association provide that holders of
the issued shares of any class may, with the consent in writing of
the holders of two-thirds of the issued shares of that class,
require the Directors to provide holders of the shares of that
class with the opportunity to dispose of such shares for a cash
amount equal to the proceeds of realising the net assets of the
Company attributable to such shares (less the costs of implementing
such disposal and any other deductions that the Directors consider
appropriate) (a "Cash Exit").
The Company has today received a written notice on behalf of BNP
Paribas Arbitrage ("BNPPA") requiring the Company to offer a Cash
Exit to the holders of Cash Fund Shares. BNP Paribas Arbitrage is
the holder of 3,799,634 Cash Fund Shares (which is equal to 97.98
per cent. of the total number of Cash Fund Shares in issue as at
the date of this announcement).
The Directors, in consultation with the Company's advisers, are
currently considering the terms of the Cash Exit to be offered to
holders of Cash Fund Shares. An announcement will be made in due
course setting out the terms of the offer and the form of notice
that holders of Cash Fund Shares will be required to submit should
they wish to participate (a "Cash Exit Notice").
Enquiries
Ian Webster – 01534 600 802
BlackRock (Channel Islands) Limited