Further re Share Issue terms

RNS Number : 0860Y

Premier Energy & Water Trust PLC

16 December 2010

 



Premier Energy and Water Trust PLC

Premier Renewable Energy Fund Limited

Final terms of issue of New PEWT Shares

For immediate release

16 December 2010

Reconstruction Proposals whereby Premier Renewable Energy Fund Limited ("PREF") is liquidated and its shareholders offered the opportunity to roll over their investment into New Shares to be issued by Premier Energy and Water Trust PLC ("PEWT") were set out in a circular to PREF Shareholders dated 30 November 2010.  Words and expressions in this announcement have the same meanings as in that circular.

If the Proposals are approved, PREF Ordinary Shares may be exchanged for new PEWT Ordinary Shares (the "Ordinary Rollover Option") or for PEWT Units comprising one new PEWT Ordinary Share and one new PEWT ZDP Share (the " Unit Rollover Option"). 

The boards of PEWT and of PREF announce that the exchange ratios of PEWT Ordinary Shares and PEWT Units for every PREF Ordinary Share has been determined by reference to the Formula Asset Value of a PEWT Ordinary Share and of a PREF Ordinary Share based on the closing prices of their respective portfolio investments on 14 December 2010.  These FAVs amount to 181.86p per PEWT Ordinary Share and 71.32p per PREF Ordinary Share.  After deducting a 2.5% discount to the value of a PEWT Ordinary Share and based on a valuation of 172.25p per PEWT ZDP Share in accordance with the terms of the Proposals, it has been determined that:

0.4022 New PEWT Ordinary Shares will be issued in respect of each PREF Ordinary Share electing, or deemed to have elected, for the Ordinary Rollover Option; and

0.2040 New PEWT Units will be issued in respect of each PREF Ordinary Share electing for the Unit Rollover Option.

A copy of this announcement, which contains the final terms of the issue of New PEWT Shares described in the prospectus published by PEWT on 30 November 2010, has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do

No PEWT Units will be issued to any PREF ZCP Shareholders who elected or are deemed to have elected to receive PEWT ZDP Shares as a result of any scaling back.

The Proposals remain subject inter alia to the passing of the resolutions to be proposed at meetings of PREF Shareholders on 16 and 17 December 2010.  Further announcements will be made in due course.

For further information contact:

Premier Fund Managers Limited

Nigel Sidebottom                                                                                  Tel: [phone]

Fairfax I.S. PLC (sponsor, adviser and joint broker to PEWT)

David Floyd / Gillian McCarthy                                                             Tel: [phone]

Numis Securities Limited (adviser and broker to PREF)

Nathan Brown                                                                                       Tel: [phone]

 

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