Requisition of Circulation of

RNS Number : 9083I

Herald Investment Trust PLC

25 November 2008

 

Herald Investment Trust PLC

The Board of Herald Investment Trust plc ('Herald' or 'the Company') announces that it has received a requisition notice from Carrousel Capital Ltd ('Carrousel')  requiring a resolution to be put to shareholders at the next AGM of the Company, expected to be in April 2009. The resolution reads as follows:

'THAT the Directors of the Company bring forward proposals ('Proposals') whereby the Company's share capital is reorganised so that all shareholders are able to realise their investment in the Company for cash by requesting the redemption of all or any of their shareholding on a quarterly basis at a valuation determined by reference to the realisation value of the Company's portfolio less associated costs and a discount, not exceeding two per cent., determined by the Board. It is expected that this would be achieved by the ordinary shares in the authorised but unissued share capital of the Company being redesignated as redeemable ordinary shares. Subject to court approval, each and every issued ordinary share ('Existing Ordinary Share') in the Company would then be cancelled and extinguished and the nominal value thereof applied in paying up new redeemable ordinary shares ('Redeemable Ordinary Shares') (credited as fully paid up) to be issued to shareholders on the basis of one Redeemable Ordinary Share for every Existing Ordinary Share held by such shareholders.'

The Board, having received a draft of the resolution last week, has considered carefully the proposals set out in this resolution and has concluded that it would be against the interests of shareholders for such a proposal to be implemented. The Board believes that the implementation of such a proposal would render the Company unviable. Accordingly, the Board will be recommending that shareholders vote against this resolution when it is put to shareholders at the AGM.

Shareholders voted for the continuation of the Company by an overwhelming majority in 2007 and are currently due another vote three years thereafter, in 2010.  

Enquiries:

Katie Potts                                   02075536300

Herald Investment Management Limited

Angus Gordon Lennox                 02075882828

JPMorgan Cazenove Limited

Baillie Gifford & Co

Company Secretaries

25 November 2008

 

END

 

 

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