CEAF Close European

TIDMCEAF

RNS Number : 4393K

Close European Accelerated Fund Ltd

14 July 2011

CLOSE EUROPEAN ACCELERATED FUND LIMITED (THE "COMPANY")

RESULTS OF CLASS MEETING OF THE HOLDERS OF PARTICIPATING SHARES ("CLASS MEETING") AND EXTRAORDINARY GENERAL MEETING

In accordance with the provisions of E.2.2 of the UK Corporate Governance Code the Company advises that for the Class Meeting held on 14 July 2011 valid proxy appointments were made in respect of 7,993,349 voting shares and voting was as follows:

IT WAS RESOLVED that the passing of the Special Resolution set out in the Notice of the Extraordinary General Meeting of the Company to be held on Thursday 14 July 2011 (or at any adjournment of such meeting) and any and every variation of the rights attached to the Participating Shares in the Company involved in or affected by the passing or implementation of such resolution be and was hereby sanctioned. (7,993,349 votes cast, all in favour, and none withheld).

In accordance with the provisions of E.2.2 of the UK Corporate Governance Code the Company advises that for the Extraordinary General Meeting held on 14 July 2011 valid proxy appointments were made in respect of 8,313,830 voting shares and voting was as follows:

IT WAS RESOLVED that the Proposal, including the proposed transfer of the Claims to the Trustee as set out in the Circular to shareholders be and was hereby approved and that the Directors be and were hereby authorised to do all acts and take all steps as they may consider necessary and/or desirable for the purposes of giving effect to the Proposal (8,313,830 votes cast, all in favour and none withheld).

IT WAS RESOLVED that the Articles of Association of the Company be and were hereby amended as follows:

(a) by inserting in Article 3(4)(b)(i) the words "subject to Article 43(4)" immediately before the words "on the Redemption Date"; and

(b) by inserting a new Article 43(4) as follows:

"(4) If and to the extent that the realisation and/or disposal of any asset of the Company prior to the Redemption Date is not, in the Directors' opinion, practicable, possible and/or in the best interests of the Company, the Directors may take such steps as they consider necessary and/or desirable to procure that the relevant asset, or benefit of any claim in relation to such asset, is transferred to, and held on trust by, one or more third parties. Any such asset or claim shall, until the Redemption Date, be held on trust for the benefit of the Company and, thereafter, for the benefit of those persons holding Participating Shares on or immediately prior to the Redemption Date and/or such charitable purposes as the trustee(s) may from time to time determine. The terms of any transfer of assets or claims made pursuant to this Article 43(4), and of any trust relating thereto, shall be determined by the Directors on or before the relevant day of the transfer. To the extent that the Directors determine to make such a transfer the Final Capital Entitlement shall be a sum equal to the Net Asset Value per Participating Share on the Redemption Date, such amount expressed in pence and rounded down to the nearest half pence. In calculating the Net Asset Value per Participating Share for these purposes there shall be excluded form the assets any value attributed to any asset or claim so transferred."

(8,313,830 votes cast, all were in favour and none withheld).

A copy of these resolutions has been submitted to the National Storage Mechanism and will shortly be available for viewing online at the following web-address: http://www.hemscott.com/nsm.do

For further information contact:

Anson Fund Managers Limited

Secretary

Tel: 01481 722260

14 July 2011

END OF ANNOUNCEMENT

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