8th Oct 2007 16:40
Queen's Walk Investment Limited08 October 2007 THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN Queen's Walk Investment Limited Result of Extraordinary General Meeting Queen's Walk Investment Limited (the "Company") announces that at theextraordinary general meeting of the Company held earlier today, theShareholders of the Company approved the special resolution authorising theTender Offer as defined in the Company's Circular to shareholders dated 13September 2007 (the "Tender Offer Circular"). Definitions used in the TenderOffer Circular also apply in this announcement. The special resolution approving the Tender Offer was passed on a show of handsby those present at the meeting. Had a poll been held, the result would havebeen: For: 20,771,170Against: 1,681,588 The total number of Ordinary Shares voted was 22,452,758, representing 56.66 percent. of the share capital of the Company in issue as at the time of themeeting. Accordingly, the Tender Offer has become unconditional and the Company willrepurchase 4,504,500 Ordinary Shares under the Tender Offer. The Company expectsto dispatch cheques and credit CREST accounts with Tender Offer proceeds by 15October 2007. The company also expects that unsold Ordinary Shares will bereleased by the Escrow Agent (for uncertificated holders) or their sharecertificates will be returned (for certificated holders) by 15 October 2007. Commenting on the Tender Offer, Tom Chandos, Chairman, said: "The tender offerhas enabled approximately €25 million to be returned to Shareholders in aneffective way and the result is also accretive to continuing Shareholders". For further information please contact: Investor Relations: Caroline Villiers +44 (0) 20 7153 1521 About the Company: Queen's Walk Investment Limited is a Guernsey-incorporated investment companylisted on the London Stock Exchange. The Company's investment objective is topreserve capital and to provide stable returns to shareholders in the form ofquarterly dividends. To achieve this, Queen's Walk invests primarily in adiversified portfolio of subordinated tranches of asset backed securities,including the unrated "equity" or "first loss" residual income positiontypically retained by the banks or other financial institutions which haveoriginated the loan assets that collateralise a securitisation transaction. TheCompany makes such investments where its investment manager, Cheyne CapitalManagement Limited, considers the coupon or cash flows from the investment to beattractive relative to the credit exposure of the underlying asset collateral.The Company believes that its investment focus provides equity investors withexposure to a relatively new investment opportunity in this asset class. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Real Est.cred