Impax Asian Environmental Markets PLC set to close
Sunday, May 5th, 2013 By
The Board of Impax Asian Environmental Markets plc has bowed to pressure from activist shareholders to close down the investment trust. By returning money to shareholders investors in the trust will profit from reducing the difference between the share price and the company’s net asset value. The following statement was released by the Board…
Impax Asian Environmental Markets plc – Reconstruction Proposals
The Board of Impax Asian Environmental Markets plc (the “Company”) announced on 17 April 2013 that it was considering proposals to put to its Shareholders regarding the future of the Company. Having canvassed the opinions of its largest Ordinary Shareholders, and following a review of all the options available, the Board has determined that the most appropriate course of action would be to wind up the Company and offer Ordinary Shareholders the choice of rolling over all or part of their investment into Impax Asian Environmental Markets (Ireland) Fund (“IAEMI”), a sub-fund of an open-ended investment entity managed by Impax Asset Management with a broadly identical investment policy to that of the Company, or realising all or part of their investment for cash.
It is anticipated that a circular will be sent to Shareholders in approximately six weeks’ time setting out the full terms of the proposals, and convening general meetings of the Company at which approval will be sought from Shareholders for implementation of the proposals and for the Company to be placed into liquidation. All proposals are subject to approval from Shareholders, and the inclusion of IAEMI as a rollover vehicle is subject to completion of the necessary due diligence by the Board and its advisers, and receipt of the requisite tax clearance from HMRC.
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