Result of EGM

8 Jan 2008 13:30

Queen's Walk Investment Limited08 January 2008 THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN Queen's Walk Investment Limited Result of Extraordinary General Meeting Queen's Walk Investment Limited (the "Company") announces that at theextraordinary general meeting of the Company held earlier today, theShareholders of the Company approved the special resolution authorising theTender Offer as defined in the Company's Circular to shareholders dated 4December 2007 (the "Tender Offer Circular"). Definitions used in the TenderOffer Circular also apply in this announcement. The special resolution approving the Tender Offer was passed on a show of handsby those present at the meeting. Had a poll been held, the result would havebeen: For: 19,287,334Against: 6,385 Withheld: 57,000 The total number of Ordinary Shares voted was 19,350,719, representing 55.46 percent. of the share capital of the Company in issue as at the time of themeeting. Accordingly, the Tender Offer has become unconditional and the Company willrepurchase 2,777,777 Ordinary Shares under the Tender Offer. The Company expectsto dispatch cheques and credit CREST accounts with Tender Offer proceeds by 15January 2008. The company also expects that unsold Ordinary Shares will bereleased by the Escrow Agent (for uncertificated holders) or their sharecertificates will be returned (for certificated holders) by 15 January 2008. At the close of business on Monday 7 January 2008, the Company had 34,882,719Ordinary Shares in issue, of which 2,777,777 will be repurchased pursuant to theTender Offer and of which a further 5,252,316 Ordinary Shares are still able tobe bought back under the Company's general buy back authority. For further information please contact: Investor Relations: Caroline Villiers +44 (0) 20 7153 1521 About the Company: Queen's Walk Investment Limited is a Guernsey-incorporated investment companylisted on the London Stock Exchange. The Company's investment objective is topreserve capital and to provide stable returns to shareholders in the form ofquarterly dividends. To achieve this, Queen's Walk invests primarily in adiversified portfolio of subordinated tranches of asset backed securities,including the unrated "equity" or "first loss" residual income positiontypically retained by the banks or other financial institutions which haveoriginated the loan assets that collateralise a securitisation transaction. TheCompany makes such investments where its investment manager, Cheyne CapitalManagement Limited, considers the coupon or cash flows from the investment to beattractive relative to the credit exposure of the underlying asset collateral.The Company believes that its investment focus provides equity investors withexposure to a relatively new investment opportunity in this asset class. This information is provided by RNS The company news service from the London Stock Exchange