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London & St Lawrence proposes scheme of reconstruction

26 January 2017 15:42

London & St. Lawrence Investment Co is proposing a scheme of reconstruction which it will put to shareholders.

Under the reconstruction, shareholders will have the option of electing to:

- (a) roll over their investment into new units in Practical Investment Fund, a unit trust with the objective of providing investors with above average capital growth and increasing real income through investing in a wide spread of investment companies and other securities, which is managed by Consistent Unit Trust Management Company, currently a wholly-owned subsidiary of LSLI;

- or (b) realise all or part of their shareholding for cash at the terminal asset value (TAV) under the liquidation.

Given the company's portfolio holdings, the TAV is not expected to be less than 2.5% discount to the net asset value on the calculation date for the Reconstruction.

Any shareholders that hold in excess of 5% of the voting rights in the company will also have the option to elect for an in specie distribution of the company's underlying investments.

As part of the reconstruction, certain members of the Ashfield family and certain directors of the company have indicated to the independent directors of LSLI, that they would be interested in purchasing the entire shareholder capital of Consistent Unit Trust Management Company Ltd, at a fair market price to be agreed.

At 3:42pm: (LON:LSLI) London and St Lawrence Investment Company Plc share price was +2p at 381p

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Related Company: LSLI

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