Statement re T2 Income Fund Limited
15 Maggio 2009 - 12:28PM
UK Regulatory
TIDMADU
15 May 2009
Advance UK Trust plc notes the announcement entitled "Requisition of
EGM" made earlier today by T2 Income Fund Limited.
To clarify the position the text of the letter sent on our behalf to
the board of directors of T2 Income Fund Limited is set out below.
The Board of Directors
T2 Income Fund Limited
PO Box 211, Regency Court
Glategny Esplanade
St Peter Port
Guernsey, GY1 3NQ
May 2009
Dear Sirs,
T2 Income Fund Limited (the "Company")
We, the undersigned, being members of the Company, acting on behalf
of Advance UK Trust PLC and New Star Asset Management acting on
behalf of clients, holding in aggregate 11,275,000 ordinary shares of
no par value in the Company ("Ordinary Shares") representing 26.2 per
cent. of the issued ordinary share capital of the Company and
comprising more than one tenth of the total voting rights of all
members having a right to vote at general meetings, hereby require
the directors of the Company:
(a) in accordance with Section 203 of the Companies (Guernsey) Law
2008, to call a general meeting of the Company to consider and, if
thought fit, pass the following resolutions which are to be proposed
either as ordinary resolutions or special resolutions as stated at
such meeting:
ORDINARY RESOLUTIONS
THAT
1) William Harley Tozier be removed from office as a Director of
the Company with immediate effect
2) Saul Barak Rosenthal be removed from office as a Director of
the Company with immediate effect
3) Patrick Francis Conroy be removed from office as a Director
of the Company with immediate effect
4) Geoffrey Richard Miller be appointed as a Director of the
Company with immediate effect
SPECIAL RESOLUTION
THAT
5) that shareholders hereby authorise the Directors to issue
350,000 options exchangeable for ordinary shares of no par value in
the Company at a price of 10 pence per ordinary share, any such
options to be exercised at any time up to the second anniversary of
the passing of this resolution, at which point the options will
expire worthless and
i. that
250,000 of these options be granted to Geoffrey Richard Miller
conditional on his appointment as a Director of the Company
ii. that 50,000
of these options be awarded to Frederick Peter Forni conditional on
the approval of resolutions 1, 2, 3 and 4 above
iii. that 50,000
of these options be awarded to Patrick Anthony Seymour Firth
conditional on the approval of resolutions 1, 2, 3 and 4 above.
(b) to circulate to members, entitled to have notice of such
general meeting sent to them, a statement in the form attached to
this requisition with respect to the matters referred to in the
resolutions referred to in (a) above.
Yours faithfully,
Member Number of Ordinary Percentage of issued
Shares held ordinary share
capital
For and on behalf of 2,525,000 5.87%
Nortrust Nominees Limited
a/c AUK01
For and on behalf of HSBC
Global Custody Nominees
(UK) Ltd
a/c 732376 3,250,000 7.56%
a/c 364903 2,250,000 5.23%
a/c 936308 2,000,000 4.65%
a/c 649549 1,250,000 2.91%
Statement to the shareholders of T2 Income Fund Limited regarding the
resolutions to be proposed at the general meeting
FIRST STEPS ON THE ROAD TO RECOVERY FOR
T2 INCOME FUND LIMITED
This statement has been issued on behalf of certain shareholders,
holding in aggregate 26.2 per cent. of the issued share capital of T2
Income Fund Limited ("the Company"), who have requisitioned a general
meeting of the Company.
We feel that the Chairman has failed to communicate adequately with
shareholders regarding the collapse of the Company's share price
following the suspension of dividend payments last October. We think
other shareholders will agree with us that every avenue needs to be
explored to address the dire situation that the Company finds itself
in. The Chairman has failed to reassure us that appropriate action
has been taken. We believe that any consideration of the way forward
for the Company must include a review of the current investment
management arrangements and therefore it is inappropriate for the
representatives of the investment manager to remain on the Company's
Board.
We are proposing that the Chairman is removed as a director, Mr
Rosenthal and Mr Conroy, the representatives of the investment
manager are removed as directors and Geoffrey Miller is appointed a
director.
We have confidence that Mr Miller will prove to be a more effective
director than Mr Tozier. Mr Miller has confirmed that he is happy to
be appointed as a director of the Company. He has written to the
Company to confirm this and has stated that there is no reason why,
under section 137 of the Companies (Guernsey) Law 2008, he is not
eligible to be a director of the Company. He is happy to meet
shareholders in advance of the general meeting and can be contacted
at the address given below.
We feel that Mr Miller and the other remaining directors should be
incentivised to bring about a recovery in the share price of the
Company and accordingly we are proposing that they be granted options
entitling them to buy shares in the Company at 10 pence per share, a
significant premium to the share price at the date of the drafting of
this document.
Geoffrey Richard Miller aged 43 has been involved in the investment
company industry for twenty two years as an analyst, fund manager and
director. He is a specialist in the financial sector, with twenty
years experience in research and fund management in the UK, most
recently as Director, Research at Bridgewell Securities Limited,
before moving offshore. After working for a major Russian bank he is
now an independent consultant and a non-executive director of Asset
Management Investment Company PLC. He is not resident in the UK.
Contact:
Geoff Miller +44 7785 374247 or +79 629 869471
James Carthew, Progressive European Markets, manager of Advance UK
Trust PLC +44 (0)20 75665531
End
=--END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
Grafico Azioni Advance UK Tst. (LSE:ADU)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Advance UK Tst. (LSE:ADU)
Storico
Da Giu 2023 a Giu 2024