Result of EGM

RNS Number : 2532M

Standard Life UK Small.Co's Tst PLC

26 January 2009

 



STANDARD LIFE UK SMALLER COMPANIES TRUST PLC

26 JANUARY 2009

Results of General Meeting and Elections

The board of Standard Life UK Smaller Companies Trust PLC (the 'Company') is pleased to announce that the special resolution proposed at the general meeting of the Company this morning was passed by shareholders.  The resolution approved the Company's participation as the rollover vehicle in the scheme of reconstruction of Gartmore Smaller Companies Trust P.L.C. (the 'Scheme'), increased the authorised share capital of the Company by the creation of 100 million new Continuation Shares, authorised the directors to allot such shares in connection with the Scheme and adopted new articles of association setting out the rights attaching to the new Continuation Shares. Proxy votes received on the resolution totalled 16,957,111 of which 99.8 per cent. were in favour of the resolution (or at the Chairman's discretion) and 0.2 per cent. against. Prints of the resolution have been forwarded to, and will shortly be available for inspection at, the UKLA's Document Viewing Facility.

The board is delighted to report that shareholders holding approximately 68 per cent. of the shares in Gartmore Smaller elected to roll over their investments into new Continuation Shares in the Company.  Subject to the Scheme being formally approved by Gartmore Smaller Shareholders at the Second EGM to be held on 3 February 2009, and the other conditions to the Scheme being satisfied, then based on the current value of the investments to be transferred to the Company under the Scheme it is expected that the net assets of the Company will approximately double.

For the purposes of the Scheme, the value of such investments will be calculated as at close of business on 27 January 2009 and new Continuation Shares are expected to be issued, and to be admitted to listing on the Official List of the UKLA and to trading on the main market of the London Stock Exchange, at 8.00 a.m. on 4 February 2009. The Company will make an announcement confirming the number of new Continuation Shares to be issued prior to the date of issue.

All enquiries

Douglas Armstrong, Dickson Minto W.S.
Tel. [phone]

 

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