11 October 2022
Legal Entity Identifier: 2138003EL6XV8JYU8V55
FUNDSMITH EMERGING EQUITIES TRUST PLC (the "Company")
Publication and posting of Circular proposing the voluntary winding-up of the Company
and
Timetable for suspension and cancellation of the Company's listing and
trading
11 October 2022
Further to the announcement made on 14 September 2022, the Company announces the publication of a circular (the "Circular") and notice of general meeting (the "GM"), which has been posted to Shareholders for the purpose of proposing a vote on the liquidation of the Company (the "Proposals"). The reasons for and background to the Proposals are set out in the Circular. The Circular also contains the timetable for the suspension and cancellation of the Company's listing and trading. The Proposals require the approval of not less than 75 per cent of the votes cast by Shareholders at the GM.
The Circular will be available to download from the Company website (https://www.feetplc.co.uk/) and National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) shortly.
The current timetable for the Proposals is as follows:
| | 2022 |
| Publication of the Circular and Forms of Proxy
| 11 October |
| Date from which it is advised that dealings in Ordinary Shares should only be for cash settlement and immediate delivery of documents of title
| close of business on 9 November |
| Latest time and date for receipt of Forms of Proxy from Shareholders for use at the GM
| 12.00 p.m. on 9 November |
| Latest time for delivery to Registrar of documents of title relating to dealings in Ordinary Shares subject to cash settlement
| 5.00 p.m. on 10 November |
| Close of the Register and Record Date for participation in the Members' Voluntary Liquidation
| 6.00 p.m. on 10 November |
| Suspension of Ordinary Shares from trading on the London Stock Exchange and suspension of listing on the Official List
| 7.30 a.m. on 11 November |
| GM to approve the Proposals and, if approved, the appointment of the Joint Liquidators
| 12.00 p.m. on 11 November |
| Announcement of the result of the GM
| 11 November |
| Cancellation of the listing of the Ordinary Shares on the Official List and cancellation of admission to trading of the Ordinary Shares on the Main Market
| 8.00 a.m. on 14 November |
| Expected date for payment of Initial Distribution* | on or about 18 December |
* Actual date to be determined by the Joint Liquidators
All references are to London time.
The dates and times set out in the expected timetable above may be adjusted by the Company, in which event details of the new dates and/or times will be notified to the FCA and the London Stock Exchange, and an announcement will be made through a Regulatory Information Service.
The Company's shares will be suspended from trading at 7:30 a.m. on 11 November 2022 in advance of the GM. Conditional on the approval of Shareholders at the GM, the Board proposes to appoint Richard Barker and Derek Hyslop of Ernst & Young LLP as the joint liquidators of the Company (together the "Joint Liquidators").
Immediately upon and with effect from the appointment of the Joint Liquidators at the GM, the powers of the Board will cease, the appointment of the Directors will be terminated, and Fundsmith LLP will begin the realisation of the Company's portfolio and conversion of the proceeds into sterling in order that the Joint Liquidators may return capital to shareholders.
The listing of the Ordinary Shares on the Official List and admission to trading of the Ordinary Shares on the Main Market will be cancelled with effect from 8.00 a.m. on 14 November 2022 following which the Company's shares will no longer be tradeable.
No mechanism to enable the Company's shares to be traded following cancellation will be made available to shareholders and the Company's shares will not be transferable once the Company enters liquidation without the consent of the Liquidators.
Capitalised terms used and not otherwise defined in this announcement shall have the same meaning as in the Circular.
| Enquiries:
| |
| Charlotte Balbirnie
| +44 (0)7989 528421 |
| Mark Pope Frostrow Capital LLP Company Secretary | +44 (0) 203 008 4913 |
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