Restructure Proposals
September 10 2007 - 4:51AM
UK Regulatory
RNS Number:5610D
Schroder Split Investment Fund PLC
10 September 2007
10 September 2007
Schroder Split Investment Fund plc and Schroder Split ZDP plc
(together the "Group")
Reconstruction proposals
The Group was launched in January 2002 with a planned initial life to 30
November 2007. The Chairman, in his statement in the Report and Accounts for the
year to 31 October 2006, stated that the Board would be giving consideration
over the coming months to alternative opportunities which may be appropriate for
the future of the Group.
Having concluded such review, the Board has determined that it is in the
interests of shareholders as a whole to be given the opportunity to receive
either units in an existing authorised unit trust, Schroder Income Maximiser
("IMAX"), which is managed by Schroders, and/or cash in respect of their
holding. Ordinary shareholders will be able to elect to receive income units in
IMAX and zero dividend preference shareholders will be able to elect to receive
accumulation units.
Accordingly it is proposed that the Group will be reconstructed by way of a
members' voluntary liquidation under s110 of the Insolvency Act 1986 (the
"Transaction").
The Board has instructed Schroders (the "Investment Manager") that the Company's
assets should continue to be applied in accordance with its investment objective
and policy until a date as close as practicable to the effective date of the
Transaction.
Schroder Income Maximiser
IMAX is an authorised unit trust launched in November 2005. It has current net
assets of #178m and aims to provide clients with a high annual income in all
market conditions with the potential for capital growth as well. The fund
invests in UK companies which the fund manager believes will deliver relatively
high dividends and also uses derivatives to generate additional income. Income
is paid to investors on a quarterly basis.
Timetable
A circular setting out the details of the Transaction will be despatched to
shareholders as soon as practicable but in any event in sufficient time for the
Transaction to complete by 30 November 2007. Completion of the Transaction is
subject to the receipt of all necessary regulatory and tax clearances.
Enquiries
John Padovan 020 7658 3206
Chairman
Robin Stoakley 020 7658 3567
Schroders
David Benda/Katie Standley 020 3100 0291/0297
Winterflood Investment Trusts
Financial Adviser
This information is provided by RNS
The company news service from the London Stock Exchange
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