Result of EGM
16 Juli 2003 - 7:04PM
UK Regulatory
RNS Number:6414N
Schroder Emerging Countries Fd PLC
16 July 2003
Extraordinary General Meetings
The Board of Directors of Schroder Emerging Countries Fund plc (the "Company")
announces that at an extraordinary general meeting of the Company's shareholders
held earlier today, the resolution proposing that the Company undertake the
scheme of reconstruction described in the circular sent to shareholders dated 20
June 2003 (the "Circular") was duly approved. The extraordinary general meeting
of the Company's warrantholders due to be held today was inquorate and has
therefore been adjourned until Wednesday 23 July 2003 at 12 noon. Implementation
of the scheme of reconstruction is contingent upon approval from the Company's
warrantholders.
Results of elections
Valid elections or deemed elections under the scheme of reconstruction were
received as follows:
* Holders of 58,314,856 Ordinary Shares in the Company elected to
receive a cash distribution in the proposed liquidation of the Company
* Holders of 35,926,944 Ordinary Shares in the Company elected or were
deemed to have elected to receive units in the rollover vehicle, namely
the Schroder Global Emerging Markets Fund unit trust ("Schroder GEM")
The Company's issued share capital will be reclassified by reference to
elections made or deemed to be made by shareholders, with those shares elected
for units in Schroder GEM being reclassified as Ordinary Shares with 'A' rights
and those shares elected (or deemed to be elected) for cash being reclassified
as Ordinary Shares with 'B' rights.
Entitlements
Shareholders' entitlements pursuant to the scheme will be announced by the
Company in due course. Assuming that the scheme is approved, it is expected that
units in Schroder GEM will be allotted to the relevant shareholders on Friday 25
July and that cheques in respect of cash distributions will be posted to the
relevant shareholders during the week commencing 28 July.
Reclassified Shares
In accordance with the terms of the scheme of reconstruction, application has
been made to the London Stock Exchange and the UK Listing Authority for the
reclassified shares to be admitted to the Official List on 17 July 2003. Listing
of and dealings in the reclassified shares is expected to be suspended at 7.30
a.m. on 18 July 2003.
Second Extraordinary General Meeting
The second extraordinary general meeting of the Company's shareholders will be
held at 9.00 a.m. on Friday 25 July 2003. At this meeting a special resolution
will be proposed for the winding-up of the Company and the appointment of
liquidators, and an extraordinary resolution will also be proposed to confer
appropriate powers on the liquidators.
Enquiries:
The Hon. Rupert Carington (020 7658 3206)
(Chairman, Schroder Emerging Countries Fund plc)
Robin Stoakley (020 7658 3567)
(Schroder Investment Management Limited)
Andrew Zychowski (020 7475 6681)
(Dresdner Kleinwort Wasserstein)
Dresdner Kleinwort Wasserstein Securities Limited, which is regulated by the
Financial Services Authority, is acting for the Company and for no-one else in
connection with the contents of this announcement and will not be responsible to
anyone other than Schroder Emerging Countries Fund plc for providing the
protections afforded to customers of Dresdner Kleinwort Wasserstein Securities
Limited, or for affording advice in relation to the contents of this
announcement or any matters referred to herein.
This information is provided by RNS
The company news service from the London Stock Exchange
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