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Greenwich Loan Income Fund proposes acquisition of AMIC


The boards of Greenwich Loan Income Fund and Asset Management Investment Company are in discussions with a view to GLIF acquiring the entire issued share capital of AMIC on a recommended basis by way of a scheme of arrangement under Part 26 of the Companies Act 2006. 

The scheme would be subject to the approval of both companies’ shareholders, Court approval and certain other conditions and further terms. 

The aim would be to complete the proposed acquisition before the end of January 2011. 

Under the scheme, GLIF would be the ongoing company and AMIC would become a wholly-owned subsidiary of GLIF. 

It is also the intention of the GLIF board to seek admission of the enlarged GLIF group to the Official List of the Channel Islands Stock Exchange alongside its existing AIM quote, upon completion of the Scheme. 

The board of GLIF believes that the proposed acquisition would provide an opportunity to create a larger closed-ended investment company with a stable and predictable dividend yield, and with long term preservation of net asset value. T2 Advisers would be the manager of the enlarged GLIF group.
As part of the scheme, if made, a full cash offer would be provided for shareholders in AMIC for their shareholdings in AMIC. For those AMIC shareholders wishing to participate in the ongoing strategy of the enlarged GLIF group, GLIF is also proposing to offer AMIC shareholders a full share alternative.
Shareholders representing 42.8 per cent of AMIC’s issued share capital have indicated in writing that they intend to vote in favour of the proposals.

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