SGEM Scotgems Plc

 
TIDMSGEM 
 
ScotGems plc 
LEI Number: 549300GQHCPU9P1NYM13 
8 September 2022 
 
                           Result of General Meeting 
 
Further to the circular (the "Circular") and notice of general meeting (the " 
Notice") to shareholders announced and published on 18 August 2022 by ScotGems 
plc (the "Company"), the Board of the Company announces that the special 
resolution to place the Company into members' voluntary liquidation, as set out 
in the Notice, was voted on by way of a poll and approved by the Company's 
shareholders at the General Meeting held earlier today. Accordingly, Derek Neil 
Hyslop and Richard Peter Barker of Ernst & Young LLP have been appointed as 
Liquidators. 
 
The votes received for and against the special resolution and the number of 
votes withheld were as follows: 
 
 Resolution     Votes For      % (of      Votes      % (of      Total      Votes 
                (including   votes cast  Against   votes cast votes cast  Withheld 
              discretionary)   excl.                 excl. 
                             withheld)             withheld) 
 
To approve        31,101,986      99.76     74,035       0.24 31,176,021      2,500 
the members' 
voluntary 
liquidation 
of the 
Company, 
appoint the 
Liquidators 
and grant the 
Liquidators 
certain 
powers. 
 
The full text of the special resolution can be found in the Notice contained in 
the Circular. The Circular is available for viewing on the National Storage 
Mechanism at data.fca.org.uk/#/nsm/nationalstoragemechanism and on the 
Company's website at www.scotgems.com. 
 
Suspension and Cancellation of Shares 
 
As set out in the Circular, the Shares were suspended from listing on the 
Official List of the Financial Conduct Authority and from trading on the London 
Stock Exchange at 7.30 a.m. this morning, 8 September 2022, in anticipation of 
the General Meeting. 
 
Applications have been made to the Financial Conduct Authority and to the 
London Stock Exchange for the cancellation of the listing and admission to 
trading of the Shares with effect from 8.00 a.m. on 9 September 2022. 
 
Initial Distribution 
 
The Investment Manager has now realised 100 per cent. of the value of the 
Portfolio, with the vast majority of the proceeds of these sales being held in 
Sterling. 
 
The only unrealised investments in the Portfolio are depositary receipts in Fix 
Price Group Ltd, a retailer with exposure to the Russian market, which are 
currently incapable of being traded due to legal restrictions imposed in 
response to the war in Ukraine. It is not known when, or indeed if, such 
regulations will be revised to permit the Company to dispose of these 
depositary receipts and, as previously advised, they are currently held at nil 
value for accounting purposes. 
 
The Liquidators therefore expect to make an initial distribution of the cash 
proceeds of the liquidation of the Company's portfolio, less the costs of the 
Proposals and the amount attributable to the Liquidation Fund, on or around 13 
September 2022 (the "Initial Distribution"). 
 
It is expected that this Initial Distribution will be 79 pence per Share. 
 
Defined terms used in this announcement have the meanings given to them in the 
Circular unless the context otherwise requires. 
Enquiries: 
Liquidators                                            +44 (0)131 460 2310 
Derek Neil Hyslop 
Richard Peter Barker 
 
 
 
 
 
END 
 
 

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September 08, 2022 09:30 ET (13:30 GMT)

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