Notice of EGM

RNS Number : 3927Y

Martin Currie Global Portfolio Tst

24 January 2014

 



Martin Currie Global Portfolio Trust plc

General Meeting to remove Article 47 from the Articles of Association of the Company

The Board of Martin Currie Global Portfolio Trust plc ("the Company") has today published a circular containing notice of a General Meeting ("the Notice") in relation to the recommended proposals to remove Article 47 from the Articles of Association (the "Articles") of the Company.

Article 47 of the Company's Articles provides that shares can be redeemed at their Net Asset Value ("NAV") less costs on a fixed date either once every 5 years or once a year should the average discount have exceeded 7.5 per cent. for the 12 weeks before the Company's financial year end.  In July 2013, the Board announced that it would use its share buyback powers with the objective of ensuring that the Company's shares trade at, or around, NAV in normal market conditions. This change has virtually eliminated the discount to NAV at which the Company's shares may trade and has contributed to the rise in the Company's share price. It also allows any shareholder who wishes to sell their shares to do so at or very close to NAV whenever they wish rather than only on a fixed date once every five years. Since implementation of this "zero discount" policy, the volume of buybacks has dramatically reduced. Any shares repurchased are held initially in treasury and may subsequently be re-issued to satisfy market demand and, should demand remain, the Company could also issue up to 10 per cent. of the issued share capital of the Company as at 25 March 2013 in accordance with the authority approved at the previous Annual General Meeting.  Given its ongoing commitment to the "zero discount" policy, the Board believes that the redemption provisions in the Articles are no longer necessary as any shareholder who wishes to sell their shareholding can do so at close to the NAV on any date of their choosing.  The "zero discount" policy offers greater flexibility and efficiency for both the Company and its shareholders than the current redemption mechanisms.  Accordingly, the Board is proposing to remove the redemption rights contained in Article 47 with immediate effect which will remove the need to organise the next fixed five year redemption due in June 2014.

The Companies Act 2006 requires shareholder approval, by way of a special resolution, prior to any changes being made to a company's articles of association.  The resolution to be proposed at the General Meeting is therefore asking shareholders to consider and if thought fit approve the proposed changes to the Company's Articles.  This resolution will require the approval of at least 75 per cent. of the votes cast in respect of it and, if approved, the Company will not be required to make arrangements for the redemption right in June 2014 or thereafter.  The General Meeting is to be held at 1.00 p.m. on 17 February 2014 at 1 Bartholomew Lane, London, EC2N 2AX.

A copy of the new Articles marked up to show the proposed changes being made is available for inspection at the offices of Dickson Minto W.S., Broadgate Tower, 20 Primrose Street, London EC2A 2EW and will be available for inspection at the place of the General Meeting for at least 15 minutes before and during the General Meeting.

A copy of the Notice will shortly be available for inspection at www.hemscott.com/nsm.do.

Enquiries

Victoria Timlin Martin Currie Investment Management Ltd

0131 229 5252

 

END

 

 

NOESELFLDFLSEDF