C Share Conversion Ratio

RNS Number : 1582I

Schroder Oriental Income Fund Ltd

28 June 2013

 

28 June 2013

C Share conversion ratio

Further to the announcement on 25 June 2013 Schroder Oriental Income Fund Limited (the "Company") is pleased to announce the Conversion Ratio for the C Shares.

The net asset values attributable to the Ordinary Shares and the C Shares as at the Calculation Time, being the close of business on 26 June 2013, were 182.7793p per Ordinary Share and 97.8597p per C Share respectively. The net asset values have been calculated including income and after providing for, in the case of the Ordinary Shares, the interim dividend declared on 6 June 2013 and payable to holders of Ordinary Shares on the register of shareholders at the close of business on 14 June 2013.

The Conversion Ratio, as calculated in accordance with the Company's prospectus dated 9 May 2013 (the "Prospectus"), is 0.5354 Ordinary Shares for every one C Share held as at close on the conversion record date of 28 June 2013. Entitlements to new Ordinary Shares will be rounded down to the nearest whole share. Any fractional entitlements will be aggregated and sold in the market for the benefit of the Company.

The new Ordinary Shares arising on Conversion will rank pari passu with, and will have the same rights as, the Ordinary Shares already in issue, including all dividends declared in respect of the Ordinary Shares after the Calculation Time.

Applications have been made to the UK Listing Authority for 27,227,074 Ordinary Shares to be admitted to the premium segment of the Official List and to the London Stock Exchange for the Ordinary Shares to be admitted to trading on its Main Market. It is expected that such admissions will become effective, and that dealings in the new Ordinary Shares will commence, on 1 July 2013.

Application has also been made to the UKLA and the LSE for the C Shares to be cancelled from the Official List and trading on the LSE with effect from 8.00 a.m. on 1 July 2013.

The expected timetable for conversion is as follows:

Record Date for Conversion and C Share register closes	6.00 p.m. on 28 June 2013
Conversion Time and dealings in new Ordinary Shares commence	8.00 a.m. on 1 July 2013
CREST accounts credited with new Ordinary Shares in uncertificated form	1 July 2013
Share certificates in respect of new Ordinary Shares in certificated form dispatched	Week commencing 8 July 2013

Following this issue, the Company's issued ordinary share capital will consist of 236,941,574 Ordinary Shares, of which 19,000,000 are held in treasury. Accordingly, the total number of voting rights in the Company is 217,941,574.

The above figure relating to the total number of voting rights in the Company may be used by shareholders in the Company as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Further Information

John Spedding

Schroder Investment Management Limited

Tel: [phone]

Numis Securities Limited

David Benda, Hugh Jonathan (Corporate Broking)

Tel: [phone]

 

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