Notice of EGM

RNS Number : 5131W

Personal Assets Trust PLC

19 November 2010

 

Personal Assets Trust plc

To:                   RNS

From:              Personal Assets Trust plc

Date:               19 November 2010

Posting of a Circular convening an Extraordinary General Meeting

In order to meet the continuing demand for shares in Personal Assets Trust plc (the "Company"), the board of directors of the Company (the "Board") is seeking an early renewal of its authority to issue further shares for cash on a non pre-emptive basis.

Accordingly, the Company has today issued a circular convening an extraordinary general meeting (the "EGM") to be held at 10.00 a.m. on Monday, 13 December 2010 at 10 St. Colme Street, Edinburgh EH3 6AA.

At the EGM, resolutions will be put to shareholders (i) to give the Board authority to allot new shares up to an aggregate nominal amount of £3,750,000; (ii) to disapply rights of pre-emption in relation to the allotment of shares up to an aggregate nominal amount of £3,750,000; and (iii) to allow the Company to hold general meetings (other than annual general meetings) on 14 days' notice.

The Board's policy, which is incorporated in the Company's articles of association, is to ensure that the Company's shares always trade at close to net asset value.  The Board will only issue new shares (or, as the case may be, re-issue shares from treasury) when they believe it is advantageous to the Company's shareholders to do so and in no circumstances would any issue of new shares or re-issue of shares from treasury be at an issue price which would result in a dilution of the net asset value per share.

The Company published a prospectus on 9 April 2010 in relation to the admission of up to an additional 80,688 new shares (the "Prospectus").  As at 18 November 2010, the Company had issued 73,307 new shares out of the maximum 80,688 new shares which were available for issue under the Prospectus. Accordingly, the Company intends to seek the UK Listing Authority's approval of an increase in the aggregate number of new shares which may be issued under the Prospectus from 80,688 new shares to 280,688 new shares (inclusive of the new shares which have previously been issued under the Prospectus). The level of the authorities which will be sought at the EGM reflects this intention and is also intended to allow the Board to continue to issue new shares after 31 March 2011 (at which date the Prospectus will cease to be valid) without requiring to seek further shareholder approvals at that time.

The Company will seek to issue further prospectuses as and when required under the Prospectus Rules.

Copies of the circular have been submitted to the FSA, and will be available for inspection at the National Storage Mechanism which is located at http://www.hemscott.com/nsm.do.

Copies of the circular will also be available for collection during normal business hours on any day (Saturdays, Sundays and public holidays excepted) from the registered office of the Company at 10 St. Colme Street, Edinburgh EH3 6AA and from Dickson Minto W.S., Broadgate Tower, 20 Primrose Street, London EC2A 2EW.

All enquiries

Robin Angus

Executive Director

Tel.: [phone]

Steven Davidson

Company Secretary

Tel.: [phone]

 

END

 

 

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