BLACKROCK NEW ENERGY INVESTMENT TRUST PLC - Statement re Publication of Circular
19 Dezember 2013 - 3:10PM
PR Newswire (US)
19 December 2013
BLACKROCK NEW ENERGY INVESTMENT TRUST PLC (THE "COMPANY")
PUBLICATION OF CIRCULAR
The Company has today issued a circular (the "Circular") to its shareholders
("Shareholders") in connection with recommended proposals for the
reconstruction and winding up of the Company (the "Proposals").
The Proposals
Under the Proposals, which will be effected by way of a scheme of
reconstruction of the Company under section 110 of the Insolvency Act 1986,
Shareholders will be able to elect:
- to realise all or some of their investment in the Company for cash (the
"Cash Option"); and/or
- subject to the Rollover Condition being met, to roll over all or some of
their investment into shares of the New Energy Fund, a sub-fund of
BlackRock Global Funds, a public limited company established under the laws
of the Grand Duchy of Luxembourg as an open-ended variable capital
investment company (the "New Energy Rollover Option").
The Board has determined that Shareholders who do not elect for the New Energy
Rollover Option should receive cash. Shareholders who do not make a valid
Election will be deemed to have elected for the Cash Option in respect of their
entire holding of Shares.
Restricted Persons will not be provided with a Form of Election and will be
deemed to have made an Election for cash unless they are able to satisfy the
Company and the Management Company that they are permitted to hold New Energy
Fund Shares without breaching the laws of any relevant jurisdictions.
The Circular contains details of the action which Shareholders should take in
order to make an election for New Energy Fund Shares under the Proposals. If
your Shares are held through one of the Savings Schemes, you should take the
action set out in the section headed "Savings Scheme Participants" in Part II
of the Circular.
Subscription Shareholders
Pursuant to the Proposals, Subscription Shareholders will have a fixed
entitlement per Subscription Share calculated in accordance with Article 13.3.9
of the Articles of Association (the Subscription Share Entitlement). The
Subscription Share Entitlement will be calculated by reference to the middle
market quotations (as derived from the Official List) for one Subscription
Share for the 10 consecutive dealing days ending on the date on which the
Proposals were announced, being 13 December 2013, and will be paid out of the
Liquidation Fund on or following the Effective Date.
General Meetings
The implementation of the Proposals will require Shareholders to vote in favour
of resolutions to be proposed at the Meetings which have been convened for 2
p.m. on 21 January 2014, 12.15 p.m. on 6 February 2014 and 9.30 a.m. on 14
February 2014. The notices convening the Meetings are set out in the Circular.
The Meetings will be held at the offices of BlackRock Investment Management
(UK) Limited, 12 Throgmorton Avenue, London EC2N 2DL.
Expected Timetable
2014
Latest time and date for receipt of Forms of 10 a.m. on 13 January
Direction in respect of the Subscription
Shareholder Meeting
Latest time and date for receipt of Forms of 2 p.m. on 17 January
Proxy in respect of the Subscription
Shareholder Meeting
Subscription Shareholder Meeting 2 p.m. on 21 January
Latest time and date for receipt of Forms of 10 a.m. on 28 January
Direction in respect of the First General
Meeting
Latest time and date for receipt of Forms of 12.30 p.m. on 31 January
Election or TTE Instructions and Application
Forms (for the New Energy Rollover Option
only) from Eligible Shareholders
Latest time and date for receipt of Savings 5.00 p.m. on 31 January
Scheme Forms of Election from Savings Scheme
Participants
Shares disabled in CREST* 6.00 p.m. on 3 February
Date from which it is advised that dealings 4 February
in Shares should only be for cash settlement
and immediate delivery of documents of title
Latest time and date for receipt of Forms of 12.15 p.m. on 4 February
Proxy from Shareholders in respect of the
First General Meeting
Latest time and date for receipt of Forms of 10 a.m. on 5 February
Direction in respect of the Second General
Meeting
Annual General Meeting 12.00 noon on 6 February
First General Meeting 12.15 p.m. on 6 February
Calculation Date close of business on 6 February
Record Date for the calculation of close of business on 6 February
Shareholders' entitlements under the Scheme
Ordinary Shares reclassified as Reclassified 8.00 a.m. on 7 February
Shares in the Official List and dealings in
Reclassified Shares commence**
Latest time and date for receipt of Forms of 9.30 a.m. on 12 February
Proxy from Shareholders in respect of the
Second General Meeting
Listing of Reclassified Shares and 7.30. a.m. on 14 February
Subscription Shares on the Official List
suspended
Second General Meeting 9.30 a.m. on 14 February
Effective Date for implementation of the 14 February
Scheme and commencement of the liquidation
Dealings in New Energy Fund Shares issued to 17 February
Eligible Shareholders under the Scheme
commence
Cancellation of listing of Reclassified 8 a.m. on 17 February
Shares and Subscription Shares on the
Official List**
Contract notes in respect of New Energy Fund 17 February
Shares issued under the Scheme despatched to (or as soon as practicable
Eligible Shareholders entitled thereto thereafter )
Cheques expected to be despatched and CREST week commencing 17 February
payments made to Shareholders in respect of
cash Elections made under the Scheme
Cheques expected to be despatched to Savings week commencing 17 February
Scheme Participants in respect of cash (or as soon as practicable
elections made or deemed to be made under the thereafter )
Scheme
Cheques expected to be despatched to week commencing 17 February
Subscription Shareholders in respect of their
Subscription Share Entitlement
* For the avoidance of doubt, the Company's register of members will remain
open until the Effective Date.
** Reclassified Shares are a technical requirement of the Scheme and will be
created if the resolutions to be proposed at the First General Meeting are
passed and become effective.
Each of the times and dates in the expected timetable may be extended or
brought forward without further notice. If any of the above times and/or dates
change, the revised time(s) and/or date(s) will be notified to Shareholders by
an announcement through a Regulatory Information Service provider. Words and
expressions defined in the Circular have the same respective meanings in the
above expected timetable.
A copy of the Circular will shortly be submitted to the National Storage
Mechanism and will shortly be available for inspection at http://www.
morningstar.co.uk/uk/NSM.
Enquiries:
Simon White BlackRock Investment Management Tel: 020 7743 5284
Alex Blake Winterflood Investment Trusts Tel: 020 3100 0297
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