28 April
2016
SCHRODER GLOBAL
REAL ESTATE SECURITIES LIMITED
RESULT OF FIRST
GENERAL MEETING AND ELECTIONS
Further to the proposals for the reconstruction and voluntary
winding up of the Company contained in the circular dated
3 March 2016, the Board is able to
announce that the special resolutions put forward at the First
General Meeting of Shareholders, held today, have been approved by
Shareholders. A copy of the special resolutions from the meeting
are available on the National Storage Mechanism at
www.morningstar.co.uk/uk/nsm.
The Company has received the following elections, including
deemed elections, under the Proposals: the Cash Option – 32,310,709
Shares, the SUTL GPS Option – 15,933,726 Shares and the SISF GPS
Option 540,892 Shares. The listing of the Company’s ordinary shares
was suspended at 7.30 am this morning
and such ordinary shares will now be re-classified under the Scheme
as Shares with A Rights, B Rights and C Rights in accordance with
the elections.
As stated in the Circular, with effect from today and in advance
of the Effective Date, realisation of the investment portfolio will
commence in accordance with the Scheme and the elections made (or
deemed to have been made) so that sufficient cash is available in
the Cash Pool. It is expected that the balance of the Company’s
investment portfolio will continue to be held in accordance with
the investment policy, in readiness for in specie transfer
to SUTL GPS and SISF GPS.
The Scheme remains conditional on the passing of the resolutions
for the appointment of the Liquidator at the Second General Meeting
which is due to take place at 12 noon on 11
May 2016, when a further announcement will be made. The
Proposals will not become effective unless such Resolutions are
passed. The Company has requested, subject to the passing of such
resolutions, the cancellation of the listing of the ordinary shares
on the Official List; this cancellation is expected to take effect
at 8.00 a.m. on 8 June 2016.
Defined terms used in this announcement have the meanings given
in the circular published by the Company on 3 March 2016 unless the context otherwise
requires.
Enquiries:
Neil Turner
Schroder Real Estate Investment Management Limited
Tel :
+44 (0) 207 658 3017 or +44 (0) 207 658 3780
Franczeska Hanford
Northern Trust International Fund Administration Services
(Guernsey) Limited
Tel:
+44 (0) 1481 745918
Paul Fincham or Jonathan Becher
Panmure Gordon
Tel
:
+44 (0) 207 886 2500
Company website: www.schroderglobalrealestatesecurities.com
EXPECTED
TIMETABLE
|
2016 |
| Latest time and date
for receipt of Forms of Proxy from Shareholders in respect of the
Second General Meeting |
12 noon
on 9 May |
| Calculation Date
(calculation of the Residual NAV and the Company’s assets
apportioned between the four Rollover Pools) |
close of
business
on 10 May |
| Second General
Meeting |
12 noon
on 11 May |
| RNS announcement of
the results of the Second GM |
11
May |
| Effective Date for
implementation of the Scheme and commencement of the voluntary
winding up of the Company |
11
May |
| Dealings in the
Rollover Shares issued to Eligible Shareholders under the Scheme
commence |
11
May |
| Contract notes in
respect of Rollover Shares issued under the Scheme despatched to
Eligible Shareholders entitled thereto |
11 May
(or as soon as practicable thereafter) |
| SUTL Manager to
contact Shareholders where applicable to complete application
details |
from 11
May (for a 90 day period) |
| Cheques expected to be
despatched and CREST payments made to Shareholders in respect of
cash Elections made under the
Scheme |
No later
than week
commencing 16 May |
| Cancellation of the
listing of the Shares on the Official List |
8
June |
END