El Oro Ltd Update on Proposals (7251X)
01 May 2019 - 9:00PM
UK Regulatory
TIDMELX
RNS Number : 7251X
El Oro Ltd
01 May 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
01 May 2019
El Oro Ltd. ("the Company") Registration No: 49778
Update on the proposals for the voluntary winding-up and
reconstruction of the Company with rollover options into JPMorgan
Elect plc ("JPME")
The Company announced on 30 November 2018 that it had agreed
heads of terms with the board of JPME for JPME to provide a
"rollover" option for the Company's members ("Members"). This
proposal offers a choice to the Members of a tax and cost efficient
rollover into a larger investment company with access to greater
investment resource and/or realising their holding for cash. JPME
provides investors access to a number of different investment
strategies, including one focussed on UK equity income, through a
multi-share class structure and the board of the Company ("Board")
believe this will appeal to Members.
The Board is pleased to update Members that discussions with
JPME are progressing and it is expected that a circular containing
full details of the proposed transaction, including the terms of
the proposed scheme of reconstruction (the "Scheme") and a notice
convening the Company's extraordinary general meeting to approve
the Company's voluntary winding-up and the implementation of the
Scheme will be posted to Members by the end of May. The
extraordinary general meeting is expected to be held before the end
of June with the Scheme becoming effective shortly thereafter.
Certain Shareholders (being members of the Parish family and
connected persons) which, together, represent 55.5 per cent. of the
Company's voting share capital, have undertaken to vote in favour
of the resolutions to be proposed at the extraordinary general
meeting.
The Company announced on 24 April 2019 that cash held at 31
March 2019 was GBP27.9 million and the Company continues to make
further progress in realising its investments in order to
facilitate the proposed transaction.
Further information on JPME and full details of the terms of the
JPME Proposal will be included in the documentation to be sent to
Members.
For further information, please contact:
El Oro Ltd www.eloro.com 020 7581 2782
Robin Woodbine Parish, Chairman
Una Ni Dhonaill
Aztec Financial Services (Guernsey) Limited 01481 748831
Chris Copperwaite
Lucy Smith
Registered address: East Wing, Trafalgar Court, Les Banques, St
Peter Port, GY1 3PP
End of announcement
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END
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