ECIT Eclectic Inv Co

 

TIDMECIT 
 
RNS Number : 3039Z 
Eclectic Investment Trust PLC 
18 September 2009 
 

ECLECTIC  INVESTMENT TRUST PLC 
 
 
Annual Report & Accounts and Notice of AGM 
 
 
Proposed transfer to AIM 
 
 
Eclectic Investment Trust plc ("Company") announces that it is today posting to 
shareholders the 2009 Annual Report & Accounts, together with the Notice of 
Annual General Meeting and proxy form. The Company is also sending a circular to 
Shareholders in connection with a proposed transfer of the Company's Ordinary 
Shares from the Official List to AIM. 
 
 
The Company announced in its 2009 annual results statement on 9 September 2009 
its intention to put forward proposals to Shareholders to seek their approval to 
change the name of the Company and change the status of the Company to an 
investment company traded on AIM, rather than continue as an investment trust 
traded on the main market of the London Stock Exchange. Shareholders will also 
be asked to approve the Company's new investing policy. For some time the Board 
has felt that the size of the Company is too small and that it would 
be desirable to raise further capital in order to increase the Company's net 
assets. However, in light of current market conditions, such a strategy has not 
proved to be feasible. In the 2009 Annual Report and Accounts, Shareholders will 
see that the results for the year ended 31 May 2009 were disappointing, with the 
net asset value per share falling by 55.9 per cent. to 72.8p. 
 
 
Furthermore, the ability to raise new capital has also been constrained by the 
relatively wide discount to net asset value at which the price of the Ordinary 
Shares trade together with the lack of liquidity in the Company's Ordinary 
Shares. While the Company would like to consider utilising the authority granted 
to the Directors at the 2008 annual general meeting to make market purchases of 
its own Shares to seek to manage this discount, it is restricted by the Listing 
Rules' requirement that the Company must have at least 25 per cent. of its share 
capital in "public hands" in order to maintain adequate liquidity in the 
secondary market. In summary, shares are not considered to be in public hands if 
they are held by, inter alios, directors of the Company or any person or persons 
acting in concert who have an interest in 5 per cent. or more of the shares. The 
percentage of the Company's shares in public hands is currently close to the 25 
per cent. minimum requirement and, in light of the profile of the Company's 
shareholder base, it is not expected to increase materially. 
 
 
Accordingly, since there is no requirement under the AIM Rules for companies to 
ensure that a specific percentage of their share capital is held in public 
hands, and in light of the flexibility for companies under the AIM Rules in 
relation to transactions and further capital raisings, the Board considers AIM 
to be a more appropriate market for the Company's Shares to be traded. 
 
 
The AGM to approve, inter alia, the 2009 Annual Report and Accounts and the 
proposed move to AIM, will be held at 68 Lombard Street, London EC3V 9LJ on 
Monday 26 October 2009 at 12 noon. 
 
 
Copies of the Annual Report and Accounts and the Circular will be available for 
inspection at the UK Listing Authority's Document Viewing Facility, which is 
situated at: 
 
 
The Financial Services Authority 
25 The North Colonnade 
Canary Wharf 
London E14 5HS 
 
 
Additional copies of these documents are available on the Company's website 
(www.eclecticinvest.com) 
and may also be obtained on request from the Company's registered office at 
Springfield Lodge, Colchester Road, Chelmsford, Essex CM2 5PW. 
 
 
Capitalised terms used in this announcement have the same meaning as in the 
Circular dated 18 September 2009 unless the context requires otherwise. 
 
Enquiries: 
 
 
Phoenix Administration Services Limited 
Tel: 01245 398950 
 
 
Arbuthnot Securities Limited 
Alastair Moreton 
Hannah Pearce 
Tel: 020 7012 2000 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCZGGMLGRKGLZM 
 

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