El Oro Ltd - Result of Scheme of Reconstruction
In relation to the recommended proposals for the voluntary winding-up and reconstruction of El Oro Ltd (the "Company") as set out in the circular published by the Company dated 24 May 2019 (the "Circular"), the Company announces the following.
Further to the approval of the resolutions to put the Company into voluntary liquidation which were proposed and duly passed on 20 June 2019, Nick Vermeulen and Christiaan Van Den Berg, both of PricewaterhouseCoopers CI LLP of Royal Bank Place, 1 Glategny Esplanade, St Peter Port, Guernsey, GY1 4ND have been appointed as liquidators.
Application has been made to the TISEA and the London Stock Exchange for the listing of the Reclassified Shares on the premium segment of the Official List and for trading on the SETSqx trading platform respectively to be cancelled at 7.00 a.m. on 22 July 2019.
On the Calculation Date the unaudited net asset value of the Company was £46,215,013.27 (calculated on a bid basis and providing for the estimated expenses of the winding up of the Company of £440,000, the value of the
Illiquid Assets of £1,142,692.69 which will be retained in the Liquidation Fund and a retention for the Liquidation Fund of £500,000). On this basis, the Residual Value of an El Oro Share as at Thursday 27 June 2019 was £0.70959893 per Share.
Accordingly, and based on the elections and deemed elections, the aggregate value attributable to each of the Rollover Funds and to the Cash Option are as follows:
JPMorgan Elect Managed Growth Shares £5,888,812.67
JPMorgan Elect Managed Income Shares £19,480,689.52
JPMorgan Elect Managed Cash Shares £805,188.04
Cash Option £18,397,142.28
^ Issue Prices
The JPMorgan Elect Issue Prices calculated as at 27 June 2019 were as follows:
JPMorgan Elect Managed Growth Shares (p) 870.92
JPMorgan Elect Managed Income Shares (p) 110.69
JPMorgan Elect Managed Cash Shares (p) 104.03
Settlement of Elections made by Shareholders will be as set out in the Circular with cheques expected to be despatched and CREST payments made to Shareholders in respect of the Cash Option on or as soon as practicable after 3 July 2019 and share certificates for JPMorgan Elect Securities issued under the Scheme expected to be despatched in the week commencing 15 July 2019.
Distributions from the Liquidation Fund
To the extent that any part of the Liquidation Fund is not required to meet the Company's liabilities or the liabilities of the UK Subsidiaries, including the net proceeds of sale of any of the Illiquid Assets, the balance remaining in the hands of the Liquidators will be paid as one or more liquidation distributions to Shareholders who are on the Company's register of members as at the close of business on the Scheme Effective Date on a pari passu basis pro rata to their respective holdings of Shares, provided that if any such amount otherwise payable to a Shareholder is less than £5.00, it will not be paid to such Shareholder but will be transferred by the Liquidators to a charity, Cancer Research UK (Registered Charity Number 1089464) (the Nominated Charity).