First interim distribution under the Default Scheme
09 Noviembre 2010 - 11:03AM
UK Regulatory
TIDMFIT TIDMFIT1 TIDMFIT2
Framlington Innovative Growth Trust PLC (in members' voluntary liquidation)
First interim distribution under the Default Scheme
In accordance with the Default Scheme, the liquidators have today declared a
first interim distribution of GBP2.95 per Ordinary Share with "A" rights to
shareholders who elected or were deemed to have elected to receive cash in the
liquidation. Cheques in respect of the distribution are expected be despatched
to shareholders on or shortly after 10 November 2010.
The banking system used by companies in liquidation, operated by the Department
of Business, Innovation and Skills ("BIS"), was closed while systems were
upgraded until 18 October 2010 and its reopening delayed by technical problems
at BIS stretching into the week ended 5 November 2010. Accordingly, the
distribution has been made at the earliest possible opportunity available to
the liquidators.
The first distribution represent the amounts received for realising 85% per
cent of the portfolio which had a value of 296p per share as at the Default
Scheme Calculation Date. A second distribution is anticipated before the end of
the year by which time the realisation of the Default Scheme Cash Pool by the
Manager should be complete. The board is pleased at the progress that has been
made in realising the portfolio and the values obtained for selling the
investments.
Enquiries
James Eldridge
Grant Thornton UK LLP
020 7865 2391
9 November 2010
END
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