F&C Latin American Inv Trust PLC
09 May 2006
Not for release, publication or distribution in or into the United States,
Canada, Australia or Japan
09 May 2006
F&C LATIN AMERICAN INVESTMENT TRUST PLC
Results of the Tender Offer and Tender Price
Results of the Tender Offer to purchase up to 24.99 per cent of the Shares in
issue of F&C Latin American Investment Trust PLC and announcement of the Tender
On 08 May 2006 at an Extraordinary General Meeting of F&C Latin American
Investment Trust PLC (the 'Company') held at 12.30 pm, the Shareholders
authorised the Company to purchase its Shares in accordance with the terms of
the Tender Offer as set out in the circular to Shareholders dated 12 April 2006
(the 'Circular') subject to certain conditions being met.
The Company is authorised to repurchase up to 24.99 per cent. (or 18,526,131
Shares) of its issued share capital at the Tender Price (a price per Share equal
to 98 per cent. of the NAV per Share on the Calculation Date, being 5 May 2006)
from those Shareholders on the Register on the Record Date of 4 May 2006.
Valid Tender Forms representing 21,339,597 Shares (which represents 28.78 per
cent of the issued share capital) were received by 3.00 pm on 04 May 2006, the
Closing Date for the Tender Offer.
The Basic Entitlements represented by those Shareholders validly tendering 24.99
per cent or less of their Shareholding were, in aggregate, 9,839,201 Shares. Of
the total Shares tendered, 11,500,396 were tendered by Shareholders in excess of
their Basic Entitlement (the 'Excess Shares').
The Tender Offer was over subscribed and will therefore be scaled back by 24.5%
of the Excess Shares.
All Shares purchased under the Tender Offer will be cancelled.
The Tender Price (equal to 98 per cent of the Net Asset Value per Share
calculated as at the close of business on 05 May 2006 (the 'Calculation Date'))
payable to Shareholders who have validly tendered Shares under the Tender Offer
is 683.31 cents per Share. For the purposes of the Tender Offer, the NAV used
to calculate the Tender Price includes current period revenue and accumulated
It is expected that payments to Shareholders by cheque, in the case of
certificated holders, or payments through CREST, in the case of uncertificated
holders, will be made in pounds sterling based on the exchange rate as at 12 May
2006 and payments are expected to be despatched as soon as practicable after 15
Balancing share certificates will be despatched and CREST accounts will be
settled in respect of Shares not repurchased as soon as practicable after 15 May
Shares in issue
Following implementation of the Tender Offer 55,608,059 Shares will remain in
Terms defined in the Circular have the same meaning when used herein unless the
context otherwise requires.
Merrill Lynch Investment Managers
Jonathan Ruck Keene 020 7743 3000
Will Rogers 020 7567 8000
The Tender Offer is not being made, directly or indirectly, in or into or by the
use of mails or by any means or instrumentality (including, without limitation,
facsimile transmission, telex and telephone) of interstate or foreign commerce,
or any facility of a national securities exchange, of the United States, Canada,
Australia, or Japan, and the Tender Offer is not capable of being accepted by
any such use, means, instrumentality or facility or from within the United
States, Canada, Australia, or Japan.
UBS Limited is acting for the Company in connection with the Tender Offer and no
one else and will not be responsible to anyone other than the Company for
providing the protections offered to clients of UBS Limited nor for providing
advice in relation to the Tender Offer.
This information is provided by RNS
The company news service from the London Stock Exchange