LONDON - Artemis Alpha Trust plc (LSE:ATS) announced today the approval of its voluntary liquidation and the subsequent combination of its assets with Aurora Investment Trust plc (LSE:ARR). The decision, which follows a special resolution passed at the Second General Meeting earlier today, will see the company's assets reconstructed and wound up under section 110 of the Insolvency Act 1986.
The liquidation process was confirmed with an overwhelming majority of 99.89% of votes in favor, leading to the appointment of Richard Peter Barker and Derek Neil Hyslop of Ernst & Young LLP as the joint liquidators. The total votes cast were 13,480,179, representing 41.21% of the company's total voting rights, which stood at 32,713,152 as of November 27, 2024.
In anticipation of the general meeting, trading of the company's reclassified shares was suspended on the London Stock Exchange (LON:LSEG) at 7.30 a.m. today. A further step to cancel the listing and trading of these shares is scheduled for 8:00 a.m. on December 2, 2024.
As per the terms of the scheme, shareholders have been allocated entitlements based on the ATS Rollover and ATS Cash Pool (NASDAQ:POOL) Fair Value per Share, with the Aurora Fair Value per Share set at 262.578373 pence. Shareholders who opted or were deemed to have opted for new Aurora shares will receive 1.563877 new shares per reclassified share, with fractional shares not issued and their value retained by Aurora. Those who elected for cash will receive 395.972183 pence per reclassified share.
The company's directors have set aside a liquidation pool to cover all estimated liabilities and contingencies, including winding up costs and scheme implementation expenses, with an additional retention of £100,000 to cover any unforeseen liabilities. Any remaining balance after settling liabilities will be distributed to shareholders in proportion to their shareholdings.
Shareholders who elected for the rollover option will receive their new Aurora shares via CREST on December 2, 2024, and share certificates will be dispatched by December 13, 2024. Those who chose the cash option will have their entitlements dispatched by the same date, either via CREST or cheque.
Following the appointment of the liquidators, all further inquiries regarding Artemis Alpha Trust should be directed to the liquidators at EY Parthenon. This article is based on a press release statement.
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