14 December 2015
PEWT Securities
PLC (“PEWT Securities” or the “Company”)
Results of
Elections by ZDP Shareholders
On 20 November 2015, PEWT
Securities plc (“PEWT Securities”), a wholly owned subsidiary of
Premier Energy and Water Trust plc, published a circular containing
details of a scheme of reconstruction of PEWT Securities (the
“Scheme”) and proposals to, inter alia, offer the holders of
Existing ZDP Shares in PEWT Securities the opportunity to elect to
roll their investment into New ZDP Shares in PEWT Securities 2020
plc ("PEWT Securities 2020").
The Board of PEWT Securities is pleased to announce the results
of the Elections.
Elections by ZDP Shareholders to participate in the Rollover
Option exceeded the Maximum Issue Size, meaning that such Elections
have been scaled back on a pro-rata basis. Each ZDP Shareholder who
made a valid Election to receive New ZDP Shares will receive
approximately 1,871 New ZDP Shares and £346.80 in cash for every
1,000 Existing ZDP Shares held on the Effective Date and for which
they made a valid Election. Conditional on the Scheme becoming
effective, 24,073,337 New ZDP Shares will be issued by PEWT
Securities 2020. As the Maximum Issue Size was reached through the
Rollover Option, there will be no Placing of New ZDP Shares.
Application will be made for the New ZDP Shares to be admitted
to the Official List and to trading on the London Stock Exchange
and dealings are expected to commence at 8.00 a.m. on 4 January
2016. It is anticipated that CREST accounts will be credited
(where applicable) on the same day and the New ZDP Shares will
trade using the ticker PEZ and under the ISIN GB00BYP98L62. New
share certificates in respect of the New ZDP Shares will be issued
as soon as practicable following admission.
Expected timetable of principal
events
Announcement of the results of Rollover Offer |
14 December 2015 |
Date from which dealings in Existing ZDP Shares
should only be for cash settlement and immediate delivery of
documents of title |
21 December 2015 |
Announcement of the results of the First General
Meeting of PEWT Securities |
21 December 2015 |
Reclassification of Existing ZDP Shares into
Reclassified Shares* – A Shares (with rights to receive New ZDP
Shares) and B Shares (with rights to receive cash) |
8.00 a.m. on 30 December 2015 |
Dealings in Reclassified Shares suspended |
7.30 a.m. on 31 December 2015 |
Announcement of the results of the Second General
Meeting of PEWT Securities |
31 December 2015 |
Publication of the results of the Scheme |
31 December 2015 |
If the Scheme becomes
unconditional: |
|
Cancellation of the Existing ZDP Shares from the
Official List |
8.00 a.m. on 4 January 2016 |
Admission and commencement of dealings in New ZDP
Shares of PEWT Securities 2020 (ISIN: GB00BYP98L62) |
8.00 a.m. on 4 January 2016 |
CREST stock accounts expected to be credited in
respect of New ZDP Shares |
As soon as practicable after 8.00
a.m. on 4 January 2016 |
Despatch of share certificates in respect of New
ZDP Shares |
8 January 2016 |
Consideration expected to be despatched to ZDP
Shareholders who elect or are deemed to elect for the Cash
Option |
8 January 2016 |
Capitalised terms used but not defined in this announcement have
the meanings set out in the circular of PEWT Securities dated
20 November 2015.
*Reclassified Shares are a technical requirement of the Scheme
and will be created if the Resolution to be proposed at the First
General Meeting is passed and becomes effective.
-The End -
Enquiries:
Premier Fund
Managers Limited
Nigel Sidebottom
James Smith
Claire Long |
+ 44 (0) 1483 30 60
90
|
N+1 Singer
James Maxwell
Liz Yong
Tom Smale |
+ 44 (0) 20 7496 3000 |