Shareholders of Pacific Assets Trust plc (PAC) have approved a liquidation scheme at a second general meeting held this morning. The scheme was approved with 59,473,279 votes in favor, representing 99.62% of the votes cast. The total number of shares in issue is 114,262,507, with no shares held in treasury, and the voting rights represented were 52.25% of the company's total voting rights.
The liquidation scheme involves the reclassification of shares. Shareholders who hold reclassified shares with "A" rights will receive 0.608247 new ATR shares for each reclassified share. The PAC rollover formula asset value per share is 445.370762 pence, while the ATR formula asset value per share is 732.219527 pence. Shareholders who elected the cash option will receive 430.578342 pence in cash for each reclassified share with "B" rights attached.
The liquidators' retention and pool include a liquidators' retention of £100,000 to meet estimated liabilities and contingencies. Individual remaining funds amounting to less than £5.00 will not be distributed on a pro rata basis. The suspension of reclassified shares is scheduled for Tuesday at 7:30 a.m., and the admission and dealings in new ATR shares will commence on Friday at 8:00 a.m. The voting rights record date/time is 6:30 p.m. on September 22. The rollover option shares via CREST are scheduled for Friday, and the certificated share certificates dispatch deadline is no later than October 8.
Joint liquidators Derek Neil Hyslop and Richard Peter Barker have been appointed to oversee the liquidation process. Schroder Asian Total Return Investment Company plc (ATR) and Ernst & Young LLP are also involved in the liquidation scheme.
