NOT F OR R E L E A SE, P U B L I C A T ION OR D IS TR I BU T ION D I R EC T L Y OR IN D I R EC T L Y ( IN WHO L E OR IN P A RT ) IN, IN T O OR F R OM A NY JU R IS D ICI T ON WHE R E T O D O S O WOU L D C OSTI T U T E A V IO L A T ION OF T HE R E L E VA NT L A WS OR R E G U LA T I ONS O F T HE JU R IS D ICI T ON.

 

7 F eb r u a r y 2025

 

SVM U K E m e r g i ng F und p l c (the " Co m p a n y ")

 

P ub li ca tion of C i r c u l a r

 

F u r ther to the Co m p a n y ' s a nnounce m e nt of 23 J a nu a r y 2 0 25, i n w h i ch t h e p r opos a l s f or the r ecommended membe r s ' v o l unt a r y li qu i d a t i on of t he Com p a ny w e r e s e t o u t (the " M V L " ), the Bo a r d i s t od a y pub li sh i ng a c ir cu l a r (the " C i r c u l a r " ) i n connect i on wi th t he M VL, w h i ch i nc l udes a not i ce con v en i ng t he r equ ir ed ge n e r a l m eet i ng. T e rm s used i n th i s a n n ounce m ent but not othe rwi se de fi ned sh a l l b e a r the s a m e m e a n i ng a s a r e set out i n the C ir cu lar .

 

I n t r o du c ti o n

 

T he Bo a r d a n nounc e d on 8 No v e m ber 2 0 24 t h a t i t w a s r e vi e wi ng a r a nge o f opt i ons a v a ila b l e f or the Co m p a n y ' s f utu r e i n a d v a n c e of the C o m p a n y 's Cont i nu a t i on Vote schedu l e d f or Septe m ber 2 025 ( t he " R e v i e w " ).

 

T he Bo a r d h a s now co n c l uded i ts Re vi ew a n d, f o ll o wi ng c a r e f ul cons i d e ra t i on of the opt i ons a v a il a b l e a n d a f ter con s u l t a t i on wi th i ts a d vi se r s a nd t a ki ng i nto a cco u nt f eedb a ck fr om i n v esto r s, does not be li e v e th a t a ny of the o p t i ons f or the cont i nu a t i on of the Co m p a ny p r o vi de a s a t i s f a cto r y a n d cost-e f f ect iv e outco m e f or Sh a r eho l de r s. T he Bo a r d h a s t he r e f o r e conc l uded th a t i t i s i n the best i n t e r ests of Sh a r eho l de r s a s a w ho l e to put f o rw a r d p r opos a l s f or the r e a li s a t i on of the Co m p a n y 's i n v est m ents i n o r der to r etu r n c a sh to S h a r e h o l de r s.

 

F o ll o wi ng d i scuss i ons wi t h i ts a d vi so r s, the Bo a r d h a s co m e to the co n c l u s i on th a t the m o s t e ff ect iv e w a y to r etu r n c a sh to Sh a r eho l de r s i s th r ough a M VL of the Co m p a n y .

 

Acco r d i ng ly , the Bo a r d h a s r e a c h ed the dec i s i o n th a t i t i s now a pp r op ri a te to put f o rw a r d p r opos a l s to S h a r eho l de r s f or a M VL of the Co m p a n y . T he C ir cu l a r p r o vi des Sh a r eho l de r s wi th det a il s of the p r oposed M VL w h i ch r equ ir es the a pp r o v a l of Sh a r eho l de r s. Acco r d i ng ly , the G ene r a l M eet i ng to a ll ow Sh a r eho l de r s to v ote on the p r oposed M VL of the Co m p a ny i s be i ng con v ened pu r s u a nt to t h e Not i ce of G ene r a l M eet i ng set out a t the end of t he C ir cu l a r .

 

T h e M V L

 

T he Bo a r d be li e v es th a t a pp r o v a l of the M VL a t t h e G ene r a l M eet i ng i s i n the best i nte r ests of the Co m p a ny a nd i ts S h a r eho l de r s a s a w ho l e a n d, a cco r d i ng ly , r eco mm en d s th a t Sh a r eho l de r s v ote i n f a v our of the Reso l ut i on a t the G ene r a l M eet i ng.

 

T he G ene r a l M e e t i ng wil l be he l d a t 1 F i n s bu r y C ir cus, London EC2M 7 S H , a t 1 0 . 00 a .m . on4  M a r ch 20 2 5. F u r ther de t ail s a r e i nc l uded i n the No t i ce of G ene r a l M eet i ng s e t out a t the end of the C ir cu l a r .

 

T he Reso l ut i on th a t Sh a r eho l de r s wil l be a s k ed to cons i d er a nd v ote on a t t he G ene r a l M eet i ng i s set out i n the Not i ce of G ene r a l M eet i ng a t p a g e s 13 to 15 ( i nc l us iv e) of t he C ir cu l a r .

 

U nder the p r opos e d M VL, Sh a r eho l de r s wil l be a b l e to r e a li se the i r i n v est m ent i n the Co m p a ny by w a y of a v o l unt a r y l i qu i da t i on of the Co m p a n y . T he M VL i s cond i t i on a l upon Sh a r eho l der a pp r o v a l of the Reso l ut i on a t the G ene r a l M eet i ng. I f the Reso l ut i on i s not p a ssed, the Co m p a n y sh a l l cont i nue i n ope r a t i o n unt i l other p r opos a l s f o r the Co m p a n y 's f utu r e m a y be put f o rw a r d.

 

T he D ir ecto r s un a n im ou s l y r eco mm end th a t Sh a r eho l de r s v ote i n f a v our of the M VL a t t h e G ene r a l M eet i ng. P eter D i c k s a nd Ia n G r a y h a v e i rr e v oc a b l y unde r t a k en to v ote i n f a v our of the Reso l ut i on i n r e s pect of the i r ent ir e bene fi c i a l ho l d i ngs of S h a r es, a m o unt i ng to 3 22 , 5 0 0

Sh a r es i n a g g r eg a te, r e p r esent i ng a pp r o xima te l y 5 . 37 p er cent. of the i ss u ed s h a r e c a p i t a l a s a t the L a test Pr a c t i c a b l e D a te.

 

T he Bo a r d h a s a l so r ece i v ed irr e v oc a b l e unde r t a ki ngs to v ote i n f a v our of the M VL fr om Co li n M cLe a n a nd B a r nton C a p i t a l H o l d i n g s L imi ted i n r espect of 2 , 119 , 932 S h a r es, r ep r ese n t i ng a pp r o xim a t e l y 35 . 3 per c ent. of the i ssued s h a r e c a p i t a l a s a t t h e L a t e st Pr a ct i c a b l e D a te.

 

Subject to S h a r eho l der a p p r o v a l , i t i s p r oposed th a t Ia n C o rfi e l d a nd M a r t y n P u lli n, both li censed i nso lv ency p r a ct i t i one r s o f F RP Ad vi so r y Tr a d i ng L imi ted, be a ppo i nt e d a s jo i nt li qu i d a to r s of t h e Co m p a ny (the " Li qu i d a t o r s " ) T h e L i q u i d a to r s ’ r e mune r a t i o n fo r d e a li n g wi t h m a t t e r s a ri s i n g p ri o r t o a n d d u ri n g th e li q u i d a t i o n wil l b e c h a r g e d o n a f i xe d fe e b as i s o f £8 , 0 0 0 p l u s d i sb u r s eme n t s a n d VA T b as e d o n th e a g r e e d sc o p e o f w o r k d et a il e d i n th e L i q u i d a to r s ' E n g a g emen t Le t te r ( t h e " L i qu i d at o r s ' F ee " ) . S h o u l d th e li q u i da t i o n e x t en d b e y o n d 1 2 mont h s f r o m th e d a t e o f th e ap p o i ntme n t o f th e L i q u i d a to r s , th e L i q u i d a to r s ’ r e m u ne r a t i o n fo r m a t t e r s a ri s i n g fo r p e ri o d s a f te r th e i n i t i a l 1 2 mon t h s wil l b e c h a r g e d o n a f i x e d fe e b as i s o f £3 , 5 0 0 p l u s d i s b u r s em e nt s a n d VA T t o t h e C om p a ny ' s e s t a t e p e r a n n u m unt i l th e li q u i d a t i o n i s c l o s e d . I t s h o u l d b e no t e d t h a t i t i s no t ex p e c t e d th a t th e li q u i d a t i o n wil l e x t en d b e y o n d 1 2 mon t h s f r o m th e d a t e o f t h e L i q u i d a to r s ' a pp o i nt m ent .

 

T he wi nd i ng-up of t h e C o m p a ny wil l be a so lv e n t wi nd i ng - up i n w h i ch i t i s i ntended t h a t a ll c r ed i to r s wil l be p a i d i n f u ll . T he a ppo i nt m ent of   the L i qu i da to r s wil l   beco m e e ff e c t iv e i m m ed i a te l y upon the p a s s i ng of t he Re s o l ut i on a t t he G ene r a l M eet i ng. At t h i s po i nt, the po w e rs of the D ir ecto r s w i l l c e a se (e x c e pt so f a r a s t he Co m p a ny a t a g ene r a l m eet i ng, or the L i qu i d a to r s, s a n c t i on the cont i nu a n c e of s u ch p o w e r s), the a d mi ss i on of t h e Sh a r es to t r a d i ng on the M a i n M a rk et a nd to li st i ng on the O ffi c i a l L i st wil l be c a nce ll ed a nd t he L i qu i da to r s will be r espons i b l e f or the a ff a ir s of the Co m p a ny unt i l i t i s w ound up. T he L i qu i d a to r s' r espo n s i b ili t y sh a l l i nc l ude the r e a li s a t i on of the r e m a i n i ng a sse t s of the Co m p a n y , the p aym ent of f ees, c o sts a nd e x pens e s, the d i sc h a r g i ng of the li a b ili t i es of the Co m p a ny a nd t h e d i st ri but i on of i ts su r p l us a ssets to Sh a r eho l de r s i n r espe c t of w h i ch the L i qu i d a to r s wil l be a s s i sted by the I n v est m ent Ma n a g er a nd the Reg i st r a r.

 

T he m a jo ri ty of the p r o c eeds of the r e a li s a t i on of the P o r t f o li o a r e e x pec t ed to be d i st ri but e d to Sh a r eho l de r s on or be f o r e 4 Ap ri l 2025. Any fi n a l d i st ri but i on wil l on l y be d i st ri buted to Sh a r eho l de r s a f t er the Co m p a n y ’s out s t a n d i ng li a b i li t i es a nd the c o sts of i m p l e m ent i ng the M V L h a v e been m et. F or the a v o i d a n c e of doubt, i t i s not a nt i c i p a t ed th a t the Co m p a ny wil l h a v e a ny c r ed i to r s other t h a n t he f ees a nd e x pen s es i n c u rr ed i n a s soc i a t i on wi th the M VL. C a sh h e l d by the Co m p a ny wil l be d i st ri b uted to S h a r eho l d e r s, a s set o u t be l o w , t h r ough one or m o re d i st ri but i ons i n a cco r d a n c e wi th the p r o vi s i ons of t he A r t i c l es.

 

I n o r der to fa c ili ta te t h e i mp l e m ent a t i on of the M V L, the S h a r es wil l be su s pended fr om li st i ng fr om the O ffi c i a l L i st a nd fr om t r a d i ng on t h e M a i n M a rk et wi th e ff ect fr om 4 M a r ch 20 2 5, be i ng the d a te of the G ene r a l M eet i ng.

 

As n oted a b o v e , i f the R eso l u t i on i s p a ssed a t t h e G en e r a l M ee t i ng, t h i s w i l l a l so r e s u l t i n the Sh a r e s b e i ng c a nc el l ed fr om l i s t i ng on the O f f i c i a l L i st. I t i s e x pec t ed th a t the c a n c e l l a t i on of l i st i ng a nd t r a d i ng of t he Sh a r e s w il l t a k e e f f ect f r o m 5 M a r ch 2025.

 

Exp ec t e d T i me t a ble

 L a test   t im e   a n d   d a te   f or   r ece i pt of   F o rm s   of   Pr o x y   o r e l ect r on i c p r o x y a ppo i n t m ents f or use a t the G e n e r a l M eet i ng  10 . 00 a .m . on 2 8  F eb r u a r y  2025  

 L a test t im e f or de liv e r y to Reg i st r a r s of docu m e nts of t i t l e r e l a t i ng to d e a li ngs i n Sh a r es su b ject to c a sh s e tt l e m ent  5 . 00 p .m . on  2 8   F eb r u a r y  2025  

 D a te fr om w h i ch i t i s a d vi sed th a t d e a li ngs i n Sh a r es shou ld on l y   be   f or   c a sh   sett l e m ent a nd   i m m ed ia te d e liv e r y   o f docu m ents of t i t l e  c l ose   of   bus i ness     on  28  F eb r u a r y 20 25

 C l ose of Reg i ster a n d Reco r d D a te f or p a r t i c i pa t i on i nthe  M e m be r s' Vo l unt a r y L i qu i d a t i on   6 . 00 p .m . on 3 M a r c h 2 0 25  

 Suspens i on of S h a r es fr om li st i ng on the O ffi c ia l L i st a nd fr om t r a d i ng on the M a i n M a rk et  7.00a.m.on4March2025

 Gene r a l M eet i ng 10 . 00 a .m . on 4 M a r ch 2 025

 Appo i nt m ent of L i qu i d a t o r s  4 M a r ch 20 2 5

 C a nce lla t i on of the a d mi ss i on to t r a d i ng of the Sh a r es to li st i ng on the O ffi c i a l L i st a nd to t ra d i ng on the M a i n M a rk et e x pected tobe  a t 8 . 00 a .m . on 5 M a r c h 2025

 F ir st c a sh d i st ri but i on to Sh a r eho l de r s*   e x pected to be on or be f o r e4 Ap ril  

 

* Actu a l d a te to b e dete r m i ned by the L i qu i d a t o r s.

 

T he a bo v e t i mes a nd/or d a tes m a y be s u bje c t to ch a nge a nd, i n the e v ent of such ch a n ge, the r e vi sed t i mes a nd/or d a t es wil l be notif i ed to Sh a r eho l de r s by a n a nno u ncement th r ough a Regu l a to r y I n f o r m a t i on S e rvi ce.

 

A l l r e f e r ences to t i mes i n the C ir cu l a r a r e to Lond o n ( UK ) t i me.

A copy of t he C ir cu l a r wil l be s u b mi tted to the N a t i on a l Sto ra ge M ec h a n i sm a nd wil l sho r t l y b e a v a il a b l e   f or   i n spect i on   a t   h ttps:/ / d a t a .f c a . o r g . u k / # /ns m /n a t i on a l sto r a ge m ec h a n i sm . T he C ir cu l a r wil l a l so be a v a il a b l e on the Co m p a n y ' s w ebs i te   h tt p s :// s v mon l i ne . c o . u k a n d a t the r eg i ste r ed o ffi ce of the C o m p a ny (7 C a st l e St r eet, Ed i nbu r gh, Mi d l oth i a n, E H 2 3 A H ).

F or fu r t h e r i n f o r ma ti o n , p l ea se c o n t ac t:

Co li n M cLe a n   SVM Asset M a n a ge m e nt L imi ted 0 1 31 2 2 6 66 9 9

 

Leg a l Ent i ty Id e nt ifi e r : 2138 0 0 K I T 8 D H O P EWW 56 8