Result of General Meeting

RNS Number : 9810F

British Assets Trust PLC

26 February 2015

 



BlackRock Income Strategies Trust plc (formerly British Assets Trust plc)

The Directors are pleased to announce that at a general meeting of the Company held earlier today the ordinary resolution authorising the change in the Company's' investment policy and the special resolution in respect of the tender offer were duly passed.

BlackRock Fund Managers Limited has been appointed as the Company's Alternative Investment Funds Manager with effect from 27 February 2015. The BlackRock multi asset team led by Adam Ryan will manage the portfolio.  The existing portfolio will be restructured over the next month in accordance with the new investment policy and a further announcement will be made once the restructure has been completed.

A copy of the resolutions is set out below and In accordance with listing rule 9.6.2R, a copy of the resolutions will be submitted shortly to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/nsm and on the Company's website www.britishassetstrust.co.uk.

ORDINARY RESOLUTION (Poll result was 97.03% of votes in favour and 2.97% against)

1.   THAT the proposed investment objective and policy set out in the circular to the shareholders of the Company dated 21 January 2015, a copy of which has been produced to the meeting and signed by the Chairman for the purposes of identification, be and is hereby adopted as the investment policy of the Company to the exclusion of all previous investment policies of the Company.

SPECIAL RESOLUTION (Poll result was 97.64% of votes in favour and 2.36% against)

2.   THAT, subject to the passing of resolution 1, without prejudice to and in addition to any existing authorities and in accordance with the terms and conditions of the tender offer (the "Tender Offer") which will be set out in a circular to shareholders in due course (the "Circular"), the Company be and is hereby authorised for the purpose of section 701 of the Companies Act 2006 (the "Act") to make market purchases (within the meaning of section 693 of the Act) of its issued ordinary shares of 25 pence each (the "Ordinary Shares") provided that:

(i) the maximum number of Ordinary Shares hereby authorised to be purchased pursuant to the Tender Offer is 20 per cent. of the Ordinary Shares in issue (excluding treasury shares) as at 21 January 2015;

(ii) the price which shall be paid for an Ordinary Share shall be equal to the cum income net asset value per Ordinary Share (debt at market value) on a date to be determined by the Directors less a two per cent. discount and the costs and expenses per tendered Ordinary Share of effecting the Tender Offer (which shall be both the maximum and the minimum price for the purposes of section 701 of the Act);

(iii) unless renewed, the authority hereby conferred shall expire at the first to occur of: (i) the completion of the Tender Offer; and (ii) the termination of the Tender Offer, or the Tender Offer lapsing, in accordance with the terms and conditions set out in the Circular (being no later than 31 August 2015); and

(iv) any Ordinary Shares so purchased will be cancelled or held in treasury.

Enquiries

Cenkos Securities                                                             0207 397 1922

Sapna Shah

BlackRock                                                                           020 7743 3000

Jonathan Ruck Keene/Mark Johnson

26 February 2015

 

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