Result of EGM

RNS Number : 7538S

Queen's Walk Investment Limited

15 September 2010

 



NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

15 September 2010

QUEEN'S WALK INVESTMENT LIMITED

RESULTS OF EXTRAORDINARY GENERAL MEETING

The Board of Directors of Queen's Walk Investment Limited (the "Company") today announces that all of the resolutions proposed at the Extraordinary General Meeting convened today to give effect to, inter alia, the Placing and Open Offer of New Ordinary Shares at €2.00 per New Ordinary Shares and the Bonus Issue of Preference Shares, were duly passed.

Further information on the votes cast on each resolution will be available on the Company's website shortly. A copy of the resolutions approved at the extraordinary general meeting have been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.hemscott.com/nsm.do.

Application has been made for the 13,322,328 New Ordinary Shares to be admitted to trading on the London Stock Exchange and dealings are expected to commence on 16 September 2010. Application has also been made for up to 49,958,731 Preference Shares to be admitted to trading on the London Stock Exchange and dealings are expected to commence on 17 September 2010.

The shareholders have resolved to amend the Company's investment policy to permit investment in Western European real estate debt, including residential mortgage backed securities and commercial mortgage backed securities. The Company will aim to take advantage of the dislocation in those markets.

The shareholders have resolved to change the Company's name from Queen's Walk Investment Limited to Real Estate Credit Investments Limited. The Company's name will be changed once the Guernsey Registry has granted the application for the change of name.

Placing Statistics

Offer Price per New Ordinary Share	€2.00
Maximum total number of Ordinary Shares in issue following Open Offer Admission	39,966,985
Estimated gross proceeds receivable by the Company pursuant to the Placing and Open Offer	€26,644,656
Estimated net proceeds receivable by the Company pursuant to the Placing and Open Offer	€24,880,656
Maximum total number of Preference Shares in issue following Bonus Issue Admission	49,958,731

Terms set out in this announcement but not defined are as defined in the Prospectus dated 17 August 2010.

Tom Chandos, Chairman of Queen's Walk Investment Limited, commented:

"We are very pleased with the take-up we have seen for this capital raising both from new and existing shareholders which, together with the passing of the resolutions at today's EGM, demonstrates the strength of support for the Company's revised investment strategy. The Company will seek to utilise the proceeds of the fundraising to exploit opportunities in real estate credit investments using the expertise and knowledge of its investment manager, Cheyne Capital Management (UK) LLP."

-ENDS-

For further information:

Investor Relations Natalie Withers Tel: [phone]
M: Communications Caroline Villiers Tel: [phone] Mob: [phone] James Wallis Tel: [phone] Mob: [phone]
Liberum Capital (Sponsor, Financial Adviser and Bookrunner) Chris Bowman / Tom Fyson / Richard Bootle Tel:  [phone]

The securities described in this document have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), or under any securities laws of any state or other jurisdiction of the United States or under the securities laws of Australia, Canada, Japan or South Africa. Consequently, such securities may not be offered, sold, resold, taken up, exercised, renounced, transferred delivered or distributed, directly or indirectly, into or within the United States or to, or for the account or benefit of, US Persons. No public offering of the securities is being made in the United States. The Company has not been and will not be registered under the US Investment Company Act of 1940, as amended (the "US Investment Company Act") and, as such, investors will not be entitled to the benefits of the US Investment Company Act. No offer, purchase, sale, exercise or transfer of the securities may be made except under circumstances which will not result in the Company being required to register as an investment company under the US Investment Company Act.

The release, publication or distribution of this document into jurisdictions other than the United Kingdom may be restricted by law.  Persons to whom this document is made available should, therefore, inform themselves about and observe any such restrictions.  No action has been taken by the Company that would permit the offer or sale of any securities or possession or distribution of this document in any jurisdiction where action for that purpose is required.  Any failure to comply with such restrictions may constitute a violation of the laws of such jurisdictions.

 

END

 

 

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