F&C Private Equity Zeros plc-Share Premium Account

RNS Number : 3617Q

F&C Private Equity Trust PLC

05 November 2012

 



To:                   RNS

Date:               5 November 2012  

Company:       F&C Private Equity Zeros plc

Cancellation of Share Premium Account

Resolutions were passed at the general meeting of the Company and the separate general meeting of holders of the Company's zero dividend preference shares, both held on 23 May 2012, approving the cancellation of the amount standing to the credit of the Company's share premium account as at 23 May 2012 subject to the Court of Session (the "Court") confirming the cancellation.

The Directors are pleased to announce that the Court has now confirmed the cancellation and the Court's order has been registered by the Registrar of Companies.  Accordingly, the cancellation has now become effective and the amount of approximately £28.9 million has been transferred from the Company's share premium account to a newly created special reserve.  This amount can be treated as a distributable reserve for all purposes permitted by the Companies Act 2006 (as amended).  As stated in the circular to shareholders of F&C Private Equity Trust plc and the Company (together the "Group") dated 24 April 2012, the newly created special reserve will provide the Company with the flexibility to buy back zero dividend preference shares through the market if the Board considers such buy-backs to be in the best interests of the Group's shareholders as a whole.

For further information please contact:

Gordon Hay Smith	0131 718 1018
F&C Investment Business Limited

 

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