El Oro Ltd Result of Scheme of Reconstruction (1666E)
July 02 2019 - 3:00AM
UK Regulatory
TIDMELX
RNS Number : 1666E
El Oro Ltd
02 July 2019
2 July 2019
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA OR THE REPUBLIC OF
SOUTH AFRICA
El Oro Ltd
Result of Scheme of Reconstruction
In relation to the recommended proposals for the voluntary
winding-up and reconstruction of El Oro Ltd (the "Company") as set
out in the circular published by the Company dated 24 May 2019 (the
"Circular"), the Company announces the following.
Further to the approval of the resolutions to put the Company
into voluntary liquidation which were proposed and duly passed on
20 June 2019, Nick Vermeulen and Christiaan Van Den Berg, both of
PricewaterhouseCoopers CI LLP of Royal Bank Place, 1 Glategny
Esplanade, St Peter Port, Guernsey, GY1 4ND have been appointed as
liquidators.
Application has been made to the TISEA and the London Stock
Exchange for the listing of the Reclassified Shares on the premium
segment of the Official List and for trading on the SETSqx trading
platform respectively to be cancelled at 7.00 a.m. on 22 July
2019.
Residual Value
On the Calculation Date the unaudited net asset value of the
Company was GBP46,215,013.27 (calculated on a bid basis and
providing for the estimated expenses of the winding up of the
Company of GBP440,000, the value of the Illiquid Assets of
GBP1,142,692.69 which will be retained in the Liquidation Fund and
a retention for the Liquidation Fund of GBP500,000). On this basis,
the Residual Value of an El Oro Share as at Thursday 27 June 2019
was GBP0.70959893 per Share.
Accordingly, and based on the elections and deemed elections,
the aggregate value attributable to each of the Rollover Funds and
to the Cash Option are as follows:
JPMorgan Elect Managed Growth Shares GBP5,888,812.67
JPMorgan Elect Managed Income Shares GBP19,480,689.52
----------------
JPMorgan Elect Managed Cash Shares GBP805,188.04
----------------
Cash Option GBP18,397,142.28
----------------
Issue Prices
The JPMorgan Elect Issue Prices calculated as at 27 June 2019
were as follows:
JPMorgan Elect Managed Growth Shares (p) 870.92
JPMorgan Elect Managed Income Shares (p) 110.69
------
JPMorgan Elect Managed Cash Shares (p) 104.03
------
Settlement of Elections made by Shareholders will be as set out
in the Circular with cheques expected to be despatched and CREST
payments made to Shareholders in respect of the Cash Option on or
as soon as practicable after 3 July 2019 and share certificates for
JPMorgan Elect Securities issued under the Scheme expected to be
despatched in the week commencing 15 July 2019.
Distributions from the Liquidation Fund
To the extent that any part of the Liquidation Fund is not
required to meet the Company's liabilities or the liabilities of
the UK Subsidiaries, including the net proceeds of sale of any of
the Illiquid Assets, the balance remaining in the hands of the
Liquidators will be paid as one or more liquidation distributions
to Shareholders who are on the Company's register of members as at
the close of business on the Scheme Effective Date on a pari passu
basis pro rata to their respective holdings of Shares, provided
that if any such amount otherwise payable to a Shareholder is less
than GBP5.00, it will not be paid to such Shareholder but will be
transferred by the Liquidators to a charity, Cancer Research UK
(Registered Charity Number 1089464) (the Nominated Charity).
Shareholders will receive communication(s) from the Liquidators
in due course.
Notes
Terms used and not defined in this announcement have the
meanings given in the Circular unless the context otherwise
requires.
For further information:
Liquidator:
Natalie Boes
natalie.boes@pwc.com
07911 163663
Nick Vermeulen
nick.vermeulen@pwc.com
01481 752000
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCLIFVDDIIFIIA
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