ECIT Eclectic Inv Co

TIDMECIT

RNS Number : 1188Z

Eclectic Investment Company PLC

07 January 2011

7 January 2011

Eclectic Investment Company plc

("Eclectic" or the "Company")

Result of First General Meeting re recommended Proposals for the Reconstruction and Winding Up of the Company

1. Result of the First General Meeting

The special resolution put to Shareholders at the First General Meeting held earlier today was duly passed.

It should be noted that the Proposals described in the Circular to Shareholders dated 6 December 2010 remain conditional, inter alia, upon approval of the special resolution at the Second General Meeting of the Company convened to be held on 17 January 2011 and the passing of all the resolutions by the shareholders of Utilico and shareholders of Utilico Finance Limited, at separate class meetings of those shareholders, to be held later today.

2. Expected Timetable of the Proposals

The boards of Eclectic and Utilico expect to announce the results of the FAV calculations and of Shareholders' elections under the Scheme and the terms of the Utilico Option and the Cash Option shortly after the Second General Meeting.

The expected timetable of the Proposals is set out below:

 
Shares reclassified as Reclassified Shares       14 January 2011 
 according to Elections pursuant to the 
 Scheme* 
Latest time and date for receipt of blue        12.00 noon on 15 
 Forms of Proxy in respect of the Second            January 2011 
 General Meeting 
Second General Meeting                          12.00 noon on 17 
                                                    January 2011 
Announcement of the results of the FAV           17 January 2011 
 calculations and of Shareholders elections 
 under the Scheme and the calculation of 
 the Utilico Option and the Cash Option 
Liquidators appointed and Effective Date         17 January 2011 
 for implementation of the Proposals 
Cancellation of the admission of the Shares      8.00 a.m. on 18 
 on AIM                                             January 2011 
Admission of new Utilico Shares to the           8.00 a.m. on 18 
 Official List and to trading on the Main           January 2011 
 Market 
CREST accounts credited with Depositary          18 January 2011 
 Interests representing Utilico Shares in 
 respect of Elections for the Utilico Option 
Cheques expected to be despatched and CREST     On or as soon as 
 payments made to Shareholders in respect      practicable after 
 of Elections for the Cash Option**              18 January 2011 
Share certificates in respect of Utilico        On or as soon as 
 Shares despatched                             practicable after 
                                                 18 January 2011 
 

* Reclassified Shares are a technical requirement of the Scheme. Reclassified Shares will not be admitted to trading on AIM.

** Shareholders who hold their Shares in CREST will receive the payments to be made on (or as soon as practicable after) 18 January 2011 through the CREST system. Any subsequent payments out of the Liquidation Fund will be made by cheque.

For further information please contact:

 
 Arbuthnot Securities Limited                        020 7012 
  (Financial Adviser to Eclectic)    Hugh Field       2000 
 
 Phoenix Administration Services 
  Limited 
  (Company Secretary)                Duncan Hayes    01245 398950 
 

Definitions used herein have the same meanings as set out in the Circular to Shareholders dated 6 December 2010. A copy of the Circular is available on the Company's website at www.eclecticinvest.com and a copy of the Utilico prospectus is available on Utilico's website at www.utilico.bm.

Arbuthnot Securities Limited ("Arbuthnot"), which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company and no-one else in connection with the Proposals and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Arbuthnot nor for providing advice in connection with the Proposals or any other matter referred to herein. Arbuthnot is not responsible for the contents of this announcement. This does not exclude or limit any responsibilities which Arbuthnot may have under the Financial Services and Markets Act 2000 or the regulatory regime established thereunder.

The City Code will not apply to the implementation of the Scheme, other than in the event of a competing offer being made for the Company which is regulated by the City Code.

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This information is provided by RNS

The company news service from the London Stock Exchange

END

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