NOTICE TO SHAREHOLDERS

22 March 2024

As detailed in the Joint Liquidators’ annual progress report, the timing of the third and final distribution to shareholders and the conclusion of the liquidation is largely dependent on resolution of the Company’s tax affairs in India, where the revenue authority have raised an assessment into the Company’s tax filing for the year ended 31 March 2023. The Joint Liquidators have filed an appeal against the assessment on behalf of the Company and the Company’s tax advisors are liaising with the Indian revenue authority to attempt to resolve the matter as soon as possible.

It was anticipated that the third distribution to shareholders could be made by 30 April 2024. Unfortunately, due to the ongoing Indian tax assessment, it will now not be possible to make payment of the third distribution by 30 April 2024. The Joint Liquidators and the Company’s tax advisors will continue to try and resolve this matter expeditiously and, assuming that the appeal is accepted by the revenue authorities by 30 April 2024, anticipate that the final distribution can be paid by 31 May 2024.

A further update on the time of the third distribution will be provided on or around 30 April 2024.

NOTICE TO SHAREHOLDERS

9 January 2024

Further to the appointment of Richard Barker and Derek Hyslop as Joint Liquidators of the Company on 11 November 2022 and in accordance with the circular issued to shareholders on 11 October 2022 (the "Circular"), shareholders will be aware the Joint Liquidators declared the Initial Distribution (as defined in the Circular) at a rate of £12.40 per Ordinary Share, which was paid on 16 December 2022. The Joint Liquidators also declared a Second Distribution (as defined in the Circular) at a rate of £0.30 per Ordinary Share, which was paid on 23 August 2023.

The Joint Liquidators’ annual progress report for the period 11 November 2022 to 10 November 2023 was published on this website on 9 January 2023. The report provides shareholders with an explanation of the progress made during the liquidation and distributions to shareholders, including an update on the third and final distribution as noted below.

A third and final distribution will be paid to shareholders at the conclusion of the liquidation. Although the timing of the final distribution to shareholders and the conclusion of the liquidation is largely dependent on resolution of the Company’s tax affairs in India and HMRC acknowledging the Company’s final tax position, it is anticipated that the third and final distribution to shareholders will be made by 30 April 2024. To the extent that there is any delay to this timetable, an update to shareholders will be provided on this website as soon as reasonably practicable.

The precise amount and timing of the third and final distribution cannot be determined at this point as it is dependent on finalisation of the Company’s tax affairs in various jurisdictions. However, at this stage, as an indicative guide only, it is anticipated that the final cash distribution to shareholders may be in the region of 15 pence per Ordinary Share, taking total distributions from the liquidation to approximately £12.85 per ordinary share.

The final published NAV, as at close of business on 10 November 2022, was £13.03 per Ordinary Share. The difference between the final NAV and the estimated total distributions to shareholders from the liquidation is attributed to the impact of weaking of the underlying currencies of the Company’s investments against Pound Sterling in the Portfolio realisation period.

Shareholders should refer to Part II of the Circular which sets out a general guide to certain aspects of current UK taxation law and HMRC published practice which may be relevant to receipt of the Initial Distribution, the Second Distribution and the final distribution. If a Shareholder is in any doubt as to their individual tax position, it is recommended that they seek advice from an independent professional advisor.

Following the commencement of the members' voluntary liquidation, shareholders are no longer able to trade in the Company's shares on the London Stock Exchange. The Company will not publish any further regulatory information service announcements and will not produce further financial statements (other than those prepared by the Joint Liquidators and communicated to shareholders under the relevant provisions of the Insolvency Act 1986). Shareholders with questions, including regarding the receipt of their entitlements in respect of the first and second distributions, should contact the Company’s Registrar, Link Asset Services, using the details below.

Link Asset Services
0871 664 0300
shareholderenquiries@linkgroup.co.uk

NOTICE TO SHAREHOLDERS

11 August 2023

Further to the appointment of Richard Barker and Derek Hyslop as Joint Liquidators of the Company on 11 November 2022 and in accordance with the circular issued to shareholders on 11 October 2022 (the "Circular"), shareholders will be aware the Joint Liquidators declared the Initial Distribution (as defined in the circular) at a rate of £12.40 per Ordinary Share, which was paid on 16 December 2022.

The Joint Liquidators are now in a position to confirm that a Second Distribution (as defined in the circular) at a rate of £0.30 per Ordinary Share will be paid on 23 August 2023.

Shareholders will receive their distribution by cheque and those cheques will be issued by the Company's Registrar (Link Asset Services) to the address on the share register as at the Record Date.

Shareholders should refer to Part II of the Circular which sets out a general guide to certain aspects of current UK taxation law and HMRC published practice which may be relevant to receipt of the Initial Distribution and the Second Distribution. If a Shareholder is in any doubt as to their individual tax position, it is recommended that they seek advice from an independent professional advisor.

A third and final distribution will be paid to shareholders at the conclusion of the liquidation. The precise amount and timing of the third and final distribution cannot be determined at this point as it is dependent on finalisation of the Company’s tax affairs in various overseas jurisdictions, but the Joint Liquidators consider that this could be within next 6 months. An update to shareholders will be provided on this website as soon as reasonably practicable and further information in respect of timing and amount of the final distribution will be included within the Joint Liquidators’ progress report to shareholders which will be issued to shareholders within 2 months of the anniversary of the liquidation on 11 November 2023.

Following the commencement of the members' voluntary liquidation, shareholders are no longer able to trade in the Company's shares on the London Stock Exchange. The Company will not publish any further regulatory information service announcements and will not produce further financial statements (other than those prepared by the Joint Liquidators and communicated to shareholders under the relevant provisions of the Insolvency Act 1986).

Shareholders with questions, including regarding the receipt of their entitlements in respect of the first and second distributions, should contact the Company’s Registrar, Link Asset Services, using the details below.

Link Asset Services
0871 664 0300
shareholderenquiries@linkgroup.co.uk