Result of EGM
September 15 2010 - 6:56AM
UK Regulatory
TIDMQWIL
RNS Number : 7538S
Queen's Walk Investment Limited
15 September 2010
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S.
PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.
15 September 2010
QUEEN'S WALK INVESTMENT LIMITED
RESULTS OF EXTRAORDINARY GENERAL MEETING
The Board of Directors of Queen's Walk Investment Limited (the "Company") today
announces that all of the resolutions proposed at the Extraordinary General
Meeting convened today to give effect to, inter alia, the Placing and Open Offer
of New Ordinary Shares at EUR2.00 per New Ordinary Shares and the Bonus Issue of
Preference Shares, were duly passed.
Further information on the votes cast on each resolution will be available on
the Company's website shortly. A copy of the resolutions approved at the
extraordinary general meeting have been submitted to the National Storage
Mechanism and will shortly be available for inspection at:
www.hemscott.com/nsm.do.
Application has been made for the 13,322,328 New Ordinary Shares to be admitted
to trading on the London Stock Exchange and dealings are expected to commence on
16 September 2010. Application has also been made for up to 49,958,731
Preference Shares to be admitted to trading on the London Stock Exchange and
dealings are expected to commence on 17 September 2010.
The shareholders have resolved to amend the Company's investment policy to
permit investment in Western European real estate debt, including residential
mortgage backed securities and commercial mortgage backed securities. The
Company will aim to take advantage of the dislocation in those markets.
The shareholders have resolved to change the Company's name from Queen's Walk
Investment Limited to Real Estate Credit Investments Limited. The Company's name
will be changed once the Guernsey Registry has granted the application for the
change of name.
Placing Statistics
+-----------------------------------------------+-------------+
| Offer Price per New Ordinary Share | EUR2.00 |
+-----------------------------------------------+-------------+
| Maximum total number of Ordinary Shares in | 39,966,985 |
| issue following Open Offer Admission | |
+-----------------------------------------------+-------------+
| Estimated gross proceeds receivable by the | EUR26,644,656 |
| Company pursuant to the Placing and Open | |
| Offer | |
+-----------------------------------------------+-------------+
| Estimated net proceeds receivable by the | EUR24,880,656 |
| Company pursuant to the Placing and Open | |
| Offer | |
+-----------------------------------------------+-------------+
| Maximum total number of Preference Shares in | 49,958,731 |
| issue following Bonus Issue Admission | |
+-----------------------------------------------+-------------+
Terms set out in this announcement but not defined are as defined in the
Prospectus dated 17 August 2010.
Tom Chandos, Chairman of Queen's Walk Investment Limited, commented:
"We are very pleased with the take-up we have seen for this capital raising both
from new and existing shareholders which, together with the passing of the
resolutions at today's EGM, demonstrates the strength of support for the
Company's revised investment strategy. The Company will seek to utilise the
proceeds of the fundraising to exploit opportunities in real estate credit
investments using the expertise and knowledge of its investment manager, Cheyne
Capital Management (UK) LLP."
-ENDS-
For further information:
+----------------------------+----------------------------------------+
| Investor Relations | |
| Natalie Withers | |
| Tel: +44 (0)20 7968 7348 | |
| | |
+----------------------------+----------------------------------------+
| M: Communications | |
| Caroline Villiers | |
| Tel: +44 (0)20 7920 2321 | |
| Mob: +44 (0)78 0858 5184 | |
| | |
| James Wallis | |
| Tel: +44 (0)20 7920 2329 | |
| Mob: +44 (0)77 7555 6000 | |
| | |
+----------------------------+----------------------------------------+
| Liberum Capital (Sponsor, Financial Adviser and Bookrunner) |
| Chris Bowman / Tom Fyson / Richard Bootle |
| Tel: +44 (0)20 3100 2000 |
+----------------------------+----------------------------------------+
The securities described in this document have not been and will not be
registered under the US Securities Act of 1933, as amended (the "US Securities
Act"), or under any securities laws of any state or other jurisdiction of the
United States or under the securities laws of Australia, Canada, Japan or South
Africa. Consequently, such securities may not be offered, sold, resold, taken
up, exercised, renounced, transferred delivered or distributed, directly or
indirectly, into or within the United States or to, or for the account or
benefit of, US Persons. No public offering of the securities is being made in
the United States. The Company has not been and will not be registered under the
US Investment Company Act of 1940, as amended (the "US Investment Company Act")
and, as such, investors will not be entitled to the benefits of the US
Investment Company Act. No offer, purchase, sale, exercise or transfer of the
securities may be made except under circumstances which will not result in the
Company being required to register as an investment company under the US
Investment Company Act.
The release, publication or distribution of this document into jurisdictions
other than the United Kingdom may be restricted by law. Persons to whom this
document is made available should, therefore, inform themselves about and
observe any such restrictions. No action has been taken by the Company that
would permit the offer or sale of any securities or possession or distribution
of this document in any jurisdiction where action for that purpose is required.
Any failure to comply with such restrictions may constitute a violation of the
laws of such jurisdictions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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