Statement re Proposed Voluntary Winding-up
Gartmore Distribution Trust PLC ('Company') and GDT Securities PLC ('GDT
Securities')
Proposed voluntary winding-up: circular to shareholders dated 7 April 2004
In the circular to Shareholders seeking their approval for the winding-up of
the Company and GDT Securities on the planned date of 30 April 2004, the
Liquidators' retention was estimated at £900,000. Following further discussion
with Shareholders and with the Liquidators, the Boards of the Company and GDT
Securities announce that it is intended to revise the Retention to an estimated
£100,000 and to increase the initial distribution to reflect the reduced
Retention.
This change has been made in response to concerns expressed by Shareholders
regarding the size of the Retention and inevitable uncertainty over, inter
alia, the timing of any legal costs which the Company may, through the
Liquidators, incur in due course. Should the circumstances justify incurring
any such legal expenses in the future, a number of the Company's principal
Shareholders have indicated that they would look favourably on a request from
the Liquidators at the relevant time to provide funding following appropriate
consultation.
The implementation of the Proposals requires an EGM for each of GDT Securities
and the Company. These have been convened for 3.30 p.m. and 3.35 p.m.
respectively on 30 April 2004. The notices convening these meetings are set out
in the circular. The Meetings will be held at Gartmore House, 8 Fenchurch
Place, London EC3M 4PB.
Definitions used in this announcement are as set out in the circular.
A copy of the circular may be obtained from Gartmore Investment Management,
telephone 0207 782 2000 up until the date of the Meetings.
Enquiries:
Ian Williams, Lansons Communications 07939 543587
Teather & Greenwood, which is authorised and regulated in the United Kingdom by
the Financial Services Authority, is acting for the Company and GDT Securities
and no other parties in connection with the Proposals and will not be
responsible to anyone other than the Company and GDT Securities for providing
the protections afforded to customers of Teather & Greenwood or providing
advice in relation to the Proposals.
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