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FAV Calc. & Result of Share E
FAV Calc. & Result of Share E.
About this update from Sancus Lending Group Limited
[{"type":"text","content":"\n RNS Number : 0044A Greenwich Loan Income Fund Ltd 24 January 2011 \n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION \n \n24 JANUARY 2011\n \nRECOMMENDED ACQUISITION OF ASSET MANAGEMENT INVESTMENT COMPANY PLC (\"AMIC\") BY\nGREENWICH LOAN INCOME FUND LIMITED (\"GLIF\")\n \nFORMULA ASSET VALUE CALCULATION\nRESULT OF ELECTION FOR SHARE ALTERNATIVE\n \n \nFormula Asset Value Calculation\n \nThe boards of AMIC and GLIF announce today that, in connection with the recommended acquisition of AMIC by GLIF to be implemented by means of a scheme of arrangement (\"the Scheme\") under Part 26 of the Companies Act 2006 (\"the Acquisition\"), the final agreed Formula Asset Value (FAV) to be used as the basis for the Acquisition as at the calculation date of 21 January 2011 was 76.9230p per AMIC share.\n \nUnder the terms of the Acquisition, which remains conditional upon, inter alia, the sanction of the Scheme and the confirmation of the Capital Reduction by the Court, the hearing of which is scheduled to take place on 28 January 2011, the AMIC Ordinary Shares will be cancelled and AMIC shareholders will receive:\n \n \n\n\n\n\nfor each AMIC Ordinary Share\n \n\n\n70.7692p in cash (equal to 92 per cent. of the Formula Asset Value). \n \nOR\n \n\n\n\n\n\n\n\n2.50510442 New GLIF Shares (equal to 92 per cent. of the Formula Asset Value. The value of a New GLIF Share will be 28.25p, being the mid-market closing share price of a GLIF Share on 25 October 2010, the Business Day prior to the Indicative Offer Announcement).\n\n\n\n\n \nAs set out in the Scheme Circular, fractions of New GLIF Shares shall not be allotted or issued to holders of AMIC Ordinary Shares pursuant to the Scheme. All fractional entitlements to which holders of AMIC Ordinary Shares would have become entitled shall be aggregated and sold by GLIF's brokers in the market for the benefit of GLIF.\n \nResult of Election for Share Alternative\n \nAs at 11.00 a.m. on 21 January 2011 (being the latest time for receipt of elections in respect of the Share Alternative), valid elections to accept the Share Alternative were received in relation to 4,524,...