Stmnt re Beta GEM
31 10월 2000 - 6:13PM
UK Regulatory
RNS Number:2914T
Fleming Emerging Mkts Inv Tst PLC
31 October 2000
The Fleming Emerging Markets Investment Trust plc ("FEMIT")
Proposals regarding Beta Global Emerging
Markets Investment Trust plc ("Beta GEM")
On 18 October 2000, the Board of Beta GEM announced that Beta GEM
had become aware that a number of its shareholders had expressed a
strong desire to realise their investment in their company.
Accordingly, the Board of Beta GEM was considering the options
available to it, including a specific proposal.
Further to that announcement, the Board of FEMIT wishes to state
that, through its advisers, it is currently discussing a scheme of
reconstruction (the "Scheme") with the Board of Beta GEM. Written
support has been received for the Scheme from a majority of Beta
GEM shareholders representing 52.82% of the issued share capital.
FEMIT's Scheme, which was proposed to the Board of Beta GEM on 13
October 2000, will in outline involve the liquidation of Beta GEM
under section 110 of the Insolvency Act (1986) and allow Beta
GEM's shareholders to realise their entire investment for cash or
continue (in a tax efficient manner) with an investment in
emerging markets through holding shares in FEMIT.
The Board of FEMIT has endeavoured to respond to comments from the
Board of Beta GEM although information requested from Beta GEM has
not been made available to it. In this context, the Board of
FEMIT, together with its advisers, is considering alternatives to
effect as soon as is practicable the Scheme which has received
support from a majority of Beta GEM shareholders.
Enquiries:
Patrick Gifford The Fleming Emerging Markets Investment Trust plc
020 7625 3090
John Lipscomb Chase Fleming Asset Management (UK) Ltd
020 7742 3435
Tom Durie HSBC Investment Bank plc
020 7336 2004
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