GIR Gart.Irish

 
TIDMGIR 
 
Gartmore Irish Growth Fund plc (the `Company') 
 
                               21 December 2010 
 
                                Reconstruction 
 
Further to the Chairman's statement in the half-yearly report released on 29 
November 2010, the Board has concluded its evaluation of the future of the 
Company. 
 
The Company was established as a UK investment trust in 1995 with the objective 
of giving investors an efficient vehicle through which to invest in the buoyant 
Irish economy, and is predominantly owned by UK investors. The company has been 
very successful; from an initial GBP1 per share investment, the net asset value 
per share has grown to GBP7.77, a compound rate of growth of 14.1% per annum. 
Performance has beaten the ISEQ by 11.3% per annum and the FTSE All Share Index 
by 10.0% per annum so investors have enjoyed significant absolute and relative 
gains. 
 
Following discussions with a number of shareholders who have expressed 
reservations about continued exposure to the Irish market, the Board has 
determined that shareholders should be offered the opportunity to realise their 
investments in the Company for cash, if they wish to do so. 
 
It is not practical for the Company to make a substantial tender offer, given 
the size of the Company, assets of circa GBP49 million, nor to apply share 
buybacks to release those who want to realise their investment. Accordingly, 
the directors have decided that the Company should embark on an orderly 
dissolution and cash will be returned to investors, commencing in the first 
quarter of 2011, from the realisation of the portfolio. 
 
The Company is exploring whether it is economic to offer an open-ended rollover 
alternative for those investors who would prefer equity exposure to a 
realisation of their investment for cash. The dissolution of the Company will 
be subject to shareholder approval and the Company expects to despatch a 
circular to shareholders to convene a general meeting to obtain this approval 
early in 2011. 
 
The Board has served notice under the management contract with Gartmore 
Investment Limited, which has a three-month notice period. The Manager is 
creating greater liquidity in the portfolio, both to finance the continuing 
buyback operation and for the cash requirement in the event that shareholders 
approve the dissolution. 
 
Enquiries 
 
Harry Sheridan 
 
Chairman 
 
Gartmore Irish Growth Fund plc 
 
00 353 862 53 7681 
 
Robin Archibald 
 
Winterflood Investment Trusts 
 
020 3100 0290 
 
 
 
END 
 

Grafico Azioni Gart.Irish (LSE:GIR)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Gart.Irish (LSE:GIR)
Storico
Da Giu 2023 a Giu 2024