31st May 2005 13:08
Edinburgh Value Zeros plc31 May 2005 EDINBURGH HIGH INCOME TRUST PLC, EDINBURGH HIGH ZEROS 2005 PLC, EDINBURGH INCOMEAND VALUE TRUST PLC AND EDINBURGH VALUE ZEROS PLC RESULTS OF SCHEME OF RECONSTRUCTION 31 MAY 2005 In connection with the recommended scheme (the "Scheme") for the reconstructionof Edinburgh High Income Trust plc, Edinburgh High Zeros 2005 plc, EdinburghIncome and Value Trust plc and Edinburgh Value Zeros plc (the "Companies"),under which the Companies' shareholders were given an opportunity to continuetheir investment through Edinburgh New Income Trust plc ("Edinburgh New Income")or to receive their entitlements in cash, the boards are pleased to announce thefollowing: Results of Second Extraordinary General Meetings At the second extraordinary general meetings of the Companies held today, allresolutions proposed in respect of the Scheme were passed. The Companies havetherefore been placed into members' voluntary liquidation with Thomas MerchantBurton and Patrick Joseph Brazzill of Ernst & Young LLP being appointedliquidators of the Companies.Entitlements under the Scheme Shareholders' entitlements under the Scheme are: • The terminal asset value, as defined under the terms of the Scheme,per ordinary share of Edinburgh High Income Trust plc is 84.302134p; • The final capital entitlement per zero dividend preference share ofEdinburgh High Zeros 2005 plc is 154.83p; • The terminal asset value, as defined under the terms of the Scheme,per ordinary share of Edinburgh Income and Value Trust plc is 130.947760p; • The final capital entitlement per zero dividend preference share ofEdinburgh Value Zeros plc is 159.63p. Scaling Back under the Scheme Full acceptance of the applications under the placing (the "Placing") and theScheme for zero dividend preference shares of Edinburgh New Income ("New ZDPShares") would have resulted in a capital structure that differed from thatintended for Edinburgh New Income. It has therefore been necessary for thefollowing scaling back provisions to be applied: • Applications under the Placing for New ZDP Shares have been scaledback entirely and therefore such applicants have not been allocated any New ZDPShares; and • Elections under the Scheme for New ZDP Shares have been scaled backso that electors will receive approximately 61.22% of their election in New ZDPShares. The shares comprising the balance of such elections have been deemed tohave elected to receive cash at the relevant final capital entitlement. Results of Elections The results of the elections received or deemed to have been received under the Scheme were as follows: • 5,777,300 ordinary shares of Edinburgh High Income Trust plc and7,534,051 ordinary shares of Edinburgh Income and Value Trust plc were electedfor ordinary shares of Edinburgh New Income ("New Ordinary Shares); • 3,004,280 ordinary shares of Edinburgh High Income Trust plc and2,202,636 ordinary shares of Edinburgh Income and Value Trust plc were electedfor units of Edinburgh New Income comprising three New Ordinary Shares and oneNew ZDP Share ("Units"); • 4,313,840 zero dividend preference shares of Edinburgh High Zeros2005 plc and 4,318,707 zero dividend preference shares of Edinburgh Value Zerosplc were elected for New ZDP Shares; • 22,859,426 ordinary shares of Edinburgh High Income Trust plc,13,957,188 ordinary shares of Edinburgh Income and Value Trust plc, 13,247,562zero dividend preference shares of Edinburgh High Zeros 2005 plc and 11,201,293zero dividend preference shares of Edinburgh Value Zeros plc were elected orhave been deemed to have elected for the option to receive cash under theScheme.Edinburgh New Income Trust plc As a result of the subscriptions accepted under the Scheme and the Placing: • The proceeds before costs of the issue are expected to beapproximately £35.7 million; • The share capital of Edinburgh New Income will comprise 20,519,056New Ordinary Shares and 15,166,618 New ZDP Shares, representing approximately57.5% and 42.5% respectively of the issued capital. Of this share capital,4,781,256 New Ordinary Shares and 1,593,752 New ZDP Shares will be issued withinUnits.Expected Timetable It is expected that: • Dealings in the New Ordinary Shares, New ZDP Shares and Units willcommence at 8 a.m. on 1 June 2005; • CREST stock accounts will be credited with New Ordinary Shares, NewZDP Shares and Units to be issued in uncertificated form at 8 a.m. on 1 June2005; • CREST cash accounts will be credited, and cheques despatched, inrespect of any elections or deemed elections under the Scheme for cash on 6 June2005; • Certificates for New Ordinary Shares, New ZDP Shares and Units willbe despatched on 6 June 2005. For further information, please contact: Ian Massie / William HemmingsAberdeen Asset ManagementTel. 0131 313 1000 Fiona PiperMaitlandTel: 020 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
81NZ.L81OD.LBarclays 2681OH.L