Realisation update
22 1월 2009 - 2:17AM
UK Regulatory
TIDMTAR
THIRD ADVANCE VALUE REALISATION COMPANY LIMITED
EXPECTED TIMETABLE FOR LIQUIDATION OF THE COMPANY
The Board is pleased to announce that on 20 January 2009 the Company
has realised the last of its investments in its portfolio and that it
expects the liquidation of the Company to commence before the end of
March 2009.
The Company's unaudited net assets as at 20 January 2009 before
provision for liquidation costs amount to GBP10.7 million. Cash and UK
Treasury Bills comprised GBP10.8 million and these were offset by
certain net current liabilities amounting to GBP0.1 million.
The Board now considers it appropriate to provide for the remaining
estimated costs of liquidating the Company and of running the Company
until the appointment of the liquidator. The Company's unaudited net
asset value after providing for the estimated costs of liquidation is
73.05p per share as at 20 January 2009. In order to provide
shareholders with relevant information future announcements of the
Company's net asset value will be made on this basis.
The Company has received an update on the potential recovery of VAT
incurred on management fees in earlier periods from the Manager which
has submitted claims to HM Revenue & Customs. The Directors estimate
that an amount of approximately GBP250,000 could be recovered,
equivalent to 1.71 p per share, but no accrual for this amount has
been made in the net asset value at this time.
The Board expects that a circular will be sent to shareholders by the
end of February 2009 to convene an extraordinary general meeting at
which the appointment of a liquidator will be proposed. This will
enable net cash to be returned to shareholders. In the event that the
VAT recovery is delayed beyond the date of this cash distribution,
the liquidation will be held open so that the VAT proceeds can be
distributed.
21 January 2009
=--END OF MESSAGE---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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